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amendment list, 31 July 2026

On the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 1095/2010, No 648/2012, No 600/2014, No 909/2014, 2015/2365, 2019/1156, 2021/23, 2022/858, 2023/1114, No 1060/2009, 2016/1011, 2017/2402, 2023/2631 and 2024/3005 as regards the further development of capital market integration and supervision within the Union

Document ECON-AM-791135 · (COM(2025)0943 – C100328/2025 – 2025/0383(COD))

Committee on Economic and Monetary Affairs

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Text 2,376 paragraphs

Amendment 686

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 2 – paragraph 1 – point 16

Regulation (EU) No 648/2012

Article 23 – paragraph 3

Text proposed by the CommissionAmendment
(16) in Article 23, the following paragraph 3 is added:deleted
‘3. For each significant CCP, ESMA and the relevant authorities shall establish cooperation arrangements as laid down in Article 8a of Regulation (EU) No 1095/2010, including in relation to ESMA’s direct supervision of the CCP. Such arrangements shall reflect the distribution of competences and responsibilities pursuant to this Regulation and frame practical cooperation modalities in view of ESMA exercising its competencies and responsibilities with regard to significant CCPs. In particular, such arrangements may cover support and assistance by the relevant authorities, as relevant, in respect of all of the following:
(a) the carrying out of supervisory tasks over a significant CCP, including investigations and on-site inspections;
(b) the preparation of decisions, reports or other measures under this Regulation in relation to the significant CCP, including where specified under Articles 14, 15, 17, 17a, 20, 21, 24, 30, 31, 32, 35, 37, 41, 49, 49a and 51;
(c) any supervisory task to ensure the financial stability and monitor the operational resilience and market conduct of the significant CCP, including stress-testing;
(d) addressing emergency situations in relation to the significant CCP.;’

Or. en

Amendment 687

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Read the rest (2,364 paragraphs)

Article 2 – paragraph 1 – point 16 a (new)

Regulation (EU) No 648/2012

Article 23 – paragraph 3a (new)

Text proposed by the CommissionAmendment
(16a) in Article 23, the following paragraph is added:
3a. For less significant CCPs, where ESMA considers that there is a significant change in the risk profile of the CCP, or has concerns relating to financial stability or supervisory consistency, it may convene a coordination meeting with the competent authority and, where appropriate, the authorities referred to in Article 17b, for the purpose of exchanging information and coordinating supervisory actions.

Or. en

Amendment 688

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 2 – paragraph 1 – point 17

Regulation (EU) No 648/2012

Article 23a

Text proposed by the CommissionAmendment
(17) Article 23a is amended as follows:deleted
(a) the title is replaced by the following:
‘Supervisory cooperation between national competent authorities and ESMA with regards to less significant CCPs;’
‘2.
Competent authorities shall submit their draft decisions, reports or other measures to ESMA for its opinion before adopting any act or measure pursuant to Articles 7, 8 and 14, Article 15(1), second subparagraph, Article 21, Articles 29 to 33, and Articles 35, 36, 37, 41 and, except where a decision is required urgently, pursuant to Article 20.
Competent authorities may also submit draft decisions to ESMA for its opinion before adopting any other act or measure in accordance with their duties under Article 22(1). Any opinion, decision, input, validations or other measure by ESMA shall be taken in accordance with Article 46a of Regulation (EU) No 1095/2010.;’

Or. en

Amendment 689

Dirk Gotink

Proposal for a regulation

Article 2 – paragraph 1 – point 17

Regulation (EU) No 648/2012

Article 23a

Text proposed by the CommissionAmendment
(17) Article 23a is amended as follows:deleted
(a) the title is replaced by the following:
‘Supervisory cooperation between national competent authorities and ESMA with regards to less significant CCPs;’
‘2.
Competent authorities shall submit their draft decisions, reports or other measures to ESMA for its opinion before adopting any act or measure pursuant to Articles 7, 8 and 14, Article 15(1), second subparagraph, Article 21, Articles 29 to 33, and Articles 35, 36, 37, 41 and, except where a decision is required urgently, pursuant to Article 20.
Competent authorities may also submit draft decisions to ESMA for its opinion before adopting any other act or measure in accordance with their duties under Article 22(1). Any opinion, decision, input, validations or other measure by ESMA shall be taken in accordance with Article 46a of Regulation (EU) No 1095/2010.;’

Or. en

Amendment 690

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 2 – paragraph 1 – point 18 – point a

Regulation (EU) No 648/2012

Article 24 – paragraph 1 – introductory part

Text proposed by the CommissionAmendment
Any authority referred to in this Regulation which becomes aware of any emergency situation relating to a CCP shall inform the CCP’s competent authority, ESMA, the college referred to in Article 18, the relevant members of the ESCB, the Commission and, the relevant authorities of the significant CCPs without undue delay of the emergency situation, including:;Any authority referred to in this Regulation which becomes aware of any emergency situation relating to a CCP shall inform the CCP’s competent authority, ESMA, any other relevant competent authorities, the relevant members of the ESCB, the Commission and, the relevant authorities of the significant CCPs without undue delay of the emergency situation, including:;

Or. en

Amendment 691

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 2 – paragraph 1 – point 18 – point b

Regulation (EU) No 648/2012

Article 24 – paragraph 2

Text proposed by the CommissionAmendment
2. In an emergency situation, information shall be provided and updated without undue delay to enable the members of the college referred to in Article 18 or the relevant authorities of the significant CCPs, as applicable, to analyse the impact of that emergency situation in particular on their clearing members and their clients. The members of the college referred to in Article 18 or the relevant authorities of the significant CCPs, as applicable, may forward the information to the public bodies responsible for the financial stability of their markets, subject to the obligation of professional secrecy set out in Article 83. The obligation of professional secrecy in accordance with Article 83 shall apply to those bodies receiving that information.2. In an emergency situation, information shall be provided and updated without undue delay to enable the relevant authorities of the CCPs, as applicable, to analyse the impact of that emergency situation in particular on their clearing members and their clients. The relevant authorities of the CCPs, as applicable, may forward the information to the public bodies responsible for the financial stability of their markets, subject to the obligation of professional secrecy set out in Article 83. The obligation of professional secrecy in accordance with Article 83 shall apply to those bodies receiving that information.

Or. en

Amendment 692

Sirpa Pietikäinen

Proposal for a regulation

Article 2 – paragraph 1 – point 18 – point b

Regulation (EU) No 648/2012

Article 24 – paragraph 2

Text proposed by the CommissionAmendment
2. In an emergency situation, information shall be provided and updated without undue delay to enable the members of the college referred to in Article 18 or the relevant authorities of the significant CCPs, as applicable, to analyse the impact of that emergency situation in particular on their clearing members and their clients. The members of the college referred to in Article 18 or the relevant authorities of the significant CCPs, as applicable, may forward the information to the public bodies responsible for the financial stability of their markets, subject to the obligation of professional secrecy set out in Article 83. The obligation of professional secrecy in accordance with Article 83 shall apply to those bodies receiving that information.2. In an emergency situation, the CCP shall provide information and updates without undue delay to ESMA. ESMA shall be responsible for sharing this information, as appropriately, enable the members of the college referred to in Article 18 or the relevant authorities of the significant CCPs, as applicable, to analyse the impact of that emergency situation in particular on their clearing members and their clients. The members of the college referred to in Article 18 or the relevant authorities of the significant CCPs, as applicable, may forward the information to the public bodies responsible for the financial stability of their markets, subject to the obligation of professional secrecy set out in Article 83. The obligation of professional secrecy in accordance with Article 83 shall apply to those bodies receiving that information.

Or. en

Amendment 693

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 2 – paragraph 1 – point 18 – point c – point i

Regulation (EU) No 648/2012

Article 24 – paragraph 5 – point f

Text proposed by the CommissionAmendment
(f) any member of the college referred to in Article 18 that is not already covered by points (a) to (d) of this paragraph;deleted

Or. en

Amendment 694

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 2 – paragraph 1 – point 18 – point c – point ii

Regulation (EU) No 648/2012

Article 24 – paragraph 5 – point g

Text proposed by the CommissionAmendment
any of the relevant authorities of significant CCPs, that is not already covered by points (a) to (e).;any of the relevant authorities of CCPs, that is not already covered by points (a) to (e).;

Or. en

Amendment 695

Johan Van Overtveldt, Giovanni Crosetto

Proposal for a regulation

Article 2 – paragraph 1 – point 18 – point d a (new)

Regulation (EU) No 648/2012

Article 24 – paragraph 7 – subparagraph 5

Present textAmendment
(da) in paragraph 7, the fifth subparagraph is replaced by the following:
Where ESMA has not received the information it required in accordance with the first subparagraph within 48 hours, it may, by simple request, require authorised CCPs, their clearing members and their clients, connected financial market infrastructures and related third parties to whom those CCPs have outsourced operational functions or activities to provide it with that information without undue delay. ESMA shall forward all information received from such entities to the relevant competent authority without undue delay.“Where ESMA has not received the information it required in accordance with the first subparagraph within 48 hours, it may, by simple request, require authorised CCPs, their clearing members and their clients, connected financial market infrastructures and related third parties to whom those CCPs have outsourced operational functions or activities, and entities of the same group as those CCPs that deploy their resources or perform functions for those CCPs, to provide it with that information without undue delay. ESMA shall forward all information received from such entities to the relevant competent authority without undue delay."

Or. en

(Regulation (EU) No 648/2012 (EMIR))

Justification

This amendment complements the provisions in EMIR Article 35 and provides legal certainty for outsourcing practices by CCPs to entities within the same group along the lines of the provisions proposed for trading venues.

Amendment 696

Markus Ferber

Proposal for a regulation

Article 2 – paragraph 1 – point 20 – point d – point iv a (new)

Regulation (EU) No 648/2012

Article 24a – paragraph 7 – subparagraph 3

Text proposed by the CommissionAmendment
(iva) in Article 24a(7), the third subparagraph is deleted.

Or. en

Justification

Deletion recommended by ESMA in its letter on prioritisation of 2026 ESMA deliverables (ESMA22-50751485-1672). Concerns the report on cross-border risks arising from CCPs’ activities.

Amendment 697

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 2 – paragraph 1 – point 20 a (new)

Regulation (EU) No 648/2012

Article 24b – paragraph 1

Present textAmendment
(20a) in Article 24b, paragraph 1 is replaced by the following:
1. With regard to supervisory assessments conducted in relation to, and decisions to be taken pursuant to, Articles 41, 44, 46, 50 and 54 in relation to Tier 2 CCPs, the CCP Supervisory Committee shall consult the central banks of issue referred to in Article 25(3), point (f). Each central bank of issue may respond. Where the central bank of issue decides to respond, it shall do so within 10 working days of receipt of the draft decision. In emergency situations, that period shall not exceed 24 hours. Where a central bank of issue proposes amendments or objects to assessments related to, or draft decisions pursuant to Articles 41, 44, 46, 50 and 54, it shall provide full and detailed reasons, in writing. Upon conclusion of the period for consultation, the CCP Supervisory Committee shall duly consider the response and any amendments proposed by the central banks of issue and provide its assessment to the central bank of issue."1. With regard to all supervisory assessments and decisions in relation to the requirements under Articles 41, 44, 46, 49, 50 and 54 in relation to Tier 2 CCPs, including where such supervisory assessments and decisions are taken pursuant to other provisions, including Articles 25, 25b, 25p and 25q, the Executive Board shall consult the central banks of issue referred to in Article 25(3), point (f).
For the purposes of the consultation referred to in the first subparagraph, ESMA shall share the following information with the central banks of issue, either directly or via the central database:
(a) the documents and information submitted by the CCP to ESMA, as soon as they are received; and
(b) the draft supervisory assessment report and decision being prepared by ESMA.
Each central bank of issue may respond. Where the central bank of issue decides to respond, it shall do so within 10 working days of receipt of the draft decision. In emergency situations, that period shall not exceed 24 hours. Where a central bank of issue proposes amendments or objects to supervisory assessments, or draft decisions referred to in paragraph 1, it shall provide full and detailed reasons, in writing. Upon conclusion of the period for consultation, the Executive Board shall duly consider the response and any amendments proposed by the central banks of issue and provide its assessment to the central bank of issue."

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02012R0648-20250117)

Amendment 698

Regina Doherty

Proposal for a regulation

Article 2 – paragraph 1 – point 23

Regulation (EU) No 1095/2010

Article 24d

Text proposed by the CommissionAmendment
(23) Article 24d is replaced by the following:deleted
‘Article 24d
Decision making within the Executive Board in relation to third-country CCPs
Where the Executive Board takes decisions or other measures pursuant to Articles 25(2), 25(2a), 25(2b), 25(2c), 25(5), 25p, 85(6), 89(3b) and, for Tier 2 CCPs, also in accordance with Articles 25a, 25b, 25f to 25o, 25q, 41, 44, 46, 50 and 54, the Executive Board shall take such decisions and measures within 10 working days.
Where the Executive Board takes decisions or undertakes other measures pursuant to Articles other than those referred to in the first subparagraph, including Article 22c, it shall take such decisions and measures within three working days.;’

Or. en

Amendment 699

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 2 – paragraph 1 – point 24 a (new)

Regulation (EU) No 648/2012

Article 25b – paragraph 1 – subparagraph 1

Present textAmendment
(24a) in Article 25b(1), the first subparagraph is replaced by the following:
ESMA shall be responsible for carrying out the duties resulting from this Regulation for the supervision on an ongoing basis of the compliance of recognised Tier 2 CCPs with the requirements referred to in point (a) of Article 25(2b). With regard to decisions pursuant to Articles 41, 44, 46, 50 and 54, ESMA shall consult the central banks of issue referred to in point (f) of Article 25(3) in accordance with Article 24b(1)."ESMA shall be responsible for carrying out the duties resulting from this Regulation for the supervision on an ongoing basis of the compliance of recognised Tier 2 CCPs with the requirements referred to Article 25(2b), point (a). With regard to supervisory assessments and decisions in relation to the requirements under Articles 41, 44, 46, 49, 50 and 54, ESMA shall consult the central banks of issue referred to in Article 25(3), point (f), in accordance with Article 24b(1)."

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02012R0648-20250117)

Amendment 700

Johan Van Overtveldt, Giovanni Crosetto

Proposal for a regulation

Article 2 – paragraph 1 – point 25 a (new)

Regulation (EU) No 648/2012

Article 25f – paragraph 1

Present textAmendment
(25a) in Article 25f, paragraph 1 is replaced by the following:
ESMA may by simple request or by decision require recognised CCPs and related third parties to whom those CCPs have outsourced operational functions or activities to provide all necessary information to enable ESMA to monitor those CCPs’ provision of clearing services and activities in the Union and to carry out its duties under this Regulation."ESMA may by simple request or by decision require recognised CCPs and related third parties to whom those CCPs have outsourced operational functions or activities, and entities of the same group as those CCPs that deploy their resources or perform functions for those CCPs, to provide all necessary information to enable ESMA to monitor those CCPs’ provision of clearing services and activities in the Union and to carry out its duties under this Regulation.
The information referred to in the first subparagraph and requested by simple request may be of a periodic or one-off nature.The information referred to in the first subparagraph and requested by simple request may be of a periodic or one-off nature."

Or. en

(Regulation (EU) No 648/2012 (EMIR))

Justification

This amendment complements the provisions in EMIR Article 35 and provides legal certainty for outsourcing practices by CCPs to entities within the same group along the lines of the provisions proposed for trading venues.

Amendment 701

Johan Van Overtveldt, Giovanni Crosetto

Proposal for a regulation

Article 2 – paragraph 1 – point 25 b (new)

Regulation (EU) No 648/2012

Article 25g – paragraph 1 – introductory part

Present textAmendment
(25b) in Article 25g, the introductory part of paragraph 1 of is replaced by the following:
In order to carry out its duties under this Regulation, ESMA may conduct necessary investigations of Tier 2 CCPs and related third parties to whom those CCPs have outsourced operational functions, services or activities. To that end, the officials and other persons authorised by ESMA shall be empowered to:"In order to carry out its duties under this Regulation, ESMA may conduct necessary investigations of Tier 2 CCPs and related third parties to whom those CCPs have outsourced operational functions, services or activities, and entities of the same group as those CCPs that deploy their resources or perform functions for those CCPs. To that end, the officials and other persons authorised by ESMA shall be empowered to:"

Or. en

(Regulation (EU) No 648/2012 (EMIR))

Justification

This amendment complements the provisions in EMIR Article 35 and provides legal certainty for outsourcing practices by CCPs to entities within the same group along the lines of the provisions proposed for trading venues.

Amendment 702

Johan Van Overtveldt, Giovanni Crosetto

Proposal for a regulation

Article 2 – paragraph 1 – point 25 c (new)

Regulation (EU) No 648/2012

Article 25h – paragraph 1

Present textAmendment
(25c) in Article 25h, paragraph 1 is replaced by the following:
In order to carry out its duties under this Regulation, ESMA may conduct all necessary on-site inspections at any business premises, land or property of Tier 2 CCPs and related third parties to whom those CCPs have outsourced operational functions, services or activities."In order to carry out its duties under this Regulation, ESMA may conduct all necessary on-site inspections at any business premises, land or property of Tier 2 CCPs and related third parties to whom those CCPs have outsourced operational functions, services or activities, and entities of the same group as those CCPs that deploy their resources or perform functions for those CCPs.
The central banks of issue referred to in point (f) of Article 25(3) may submit a reasoned request to ESMA to participate in such on-site inspections where relevant for the carrying out of their monetary policy tasks.The central banks of issue referred to in point (f) of Article 25(3) may submit a reasoned request to ESMA to participate in such on-site inspections where relevant for the carrying out of their monetary policy tasks.
The third-country CCP college referred to in Article 25c shall be informed without undue delay of any findings that may be relevant for the execution of its tasks.The third-country CCP college referred to in Article 25c shall be informed without undue delay of any findings that may be relevant for the execution of its tasks."

Or. en

(Regulation (EU) No 648/2012)

Justification

This amendment complements the provisions in EMIR Article 35 and provides legal certainty for outsourcing practices by CCPs to entities within the same group along the lines of the provisions proposed for trading venues.

Amendment 703

Johan Van Overtveldt, Giovanni Crosetto

Proposal for a regulation

Article 2 – paragraph 1 – point 25 d (new)

Regulation (EU) No 648/2012

Article 28 – paragraph 3

Present textAmendment
(25d) in Article 28, paragraph 3 is replaced by the following:
The risk committee shall advise the board on any arrangements that may impact the risk management of the CCP, such as a significant change in its risk model, the default procedures, the criteria for accepting clearing members, the clearing of new classes of instruments, or the outsourcing of functions. The risk committee shall inform the board in a timely manner of any new risk affecting the resilience of the CCP. The advice of the risk committee is not required for the daily operations of the CCP. Reasonable efforts shall be made to consult the risk committee on developments impacting the risk management of the CCP in emergency situations, including on developments relevant to clearing members’ exposures to the CCP and interdependencies with other CCPs."The risk committee shall advise the board on any arrangements that may impact the risk management of the CCP, such as a significant change in its risk model, the default procedures, the criteria for accepting clearing members, the clearing of new classes of instruments, the outsourcing of functions or the reliance on another entity of the same group for the deployment of resources or performance of functions. The risk committee shall inform the board in a timely manner of any new risk affecting the resilience of the CCP. The advice of the risk committee is not required for the daily operations of the CCP. Reasonable efforts shall be made to consult the risk committee on developments impacting the risk management of the CCP in emergency situations, including on developments relevant to clearing members’ exposures to the CCP and interdependencies with other CCPs."

Or. en

(Regulation (EU) No 648/2012 (EMIR))

Justification

This amendment complements the provisions in EMIR Article 35 and provides legal certainty for outsourcing practices by CCPs to entities within the same group along the lines of the provisions proposed for trading venues.

Amendment 704

Johan Van Overtveldt, Giovanni Crosetto

Proposal for a regulation

Article 2 – paragraph 1 – point 25 e (new)

Regulation (EU) No 648/2012

Article 35 – paragraph 1 a (new)

Text proposed by the CommissionAmendment
(25e) in Article 35, the following paragraph is inserted:
1a. Where a CCP deploys resources of or relies on the performance of functions by another entity located in the Union that belongs to the same group as that CCP, reliance on that entity shall not constitute outsourcing for the purposes of this Regulation, provided that the CCP has put in place adequate mechanisms to identify clearly and manage the potential adverse consequences, for the operation of the CCP or for its members or participants, of any conflict of interest between the CCP and another entity in the group that will deploy its resources or will perform functions for that CCP.
Without prejudice to Chapter II and Article 46 of Regulation (EU) 2022/2554, the CCP and the other regulated entity located in the Union that belongs to the same group as that CCP notify the competent authority of the regulated entity of any deployment of resources or performance of functions referred to in subparagraph 1 of paragraph 4 of this Article, without undue delay after that deployment of resources or that performance of functions has commenced;
When deploying resources of or relying on the performance of functions by another entity within the same group, CCPs shall remain fully responsible for discharging all of their obligations under this Regulation. Member States shall not impose any additional requirements for the deployment of resources or reliance on the performance of functions, pursuant to this paragraph, by another entity located in the Union within the same group as the CCP.

Or. en

Justification

This amendment complements the provisions in EMIR Article 35 and provides legal certainty for outsourcing practices by CCPs to entities within the same group along the lines of the provisions proposed for trading venues.

Moreover, this amendment introduces an ex post notification obligation for intra-group allocation of resources or functions, to be fulfilled without undue delay after the arrangement has commenced.

Amendment 705

Johan Van Overtveldt, Giovanni Crosetto

Proposal for a regulation

Article 2 – paragraph 1 – point 25 f (new)

Regulation (EU) No 648/2012

Article 35 – paragraph 3

Present textAmendment
(25f) in Article 35, paragraph 3 is replaced by the following:
A CCP shall make all information necessary available on request, to enable the competent authority, ESMA and the college referred to in Article 18 to assess the compliance of the performance of the outsourced activities with this Regulation."A CCP shall make all information necessary available on request, to enable the competent authority, ESMA and the college referred to in Article 18 to assess the compliance of the performance of the outsourced activities and of the reliance on another entity of the same group with this Regulation."

Or. en

(Regulation (EU) No 648/2012 (MISP))

Justification

This amendment complements the provisions in EMIR Article 35 and provides legal certainty for outsourcing practices by CCPs to entities within the same group along the lines of the provisions proposed for trading venues.

Amendment 706

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Proposal for a regulation

Article 2 – paragraph 1 – point 25 a (new)

Regulation (EU) No 648/2012

Article 50 – paragraph 3 a (new)

Text proposed by the CommissionAmendment
(25a) in Article 50, the following paragraph is added:
‘3a. Where central bank money is not used for settlement, a CCP may, subject to compliance with all applicable risk management requirements under this Regulation, use any of the following instruments that has direct or indirect access to central bank liquidity to discharge payment obligations arising from cleared transactions where central bank money is not used:
(a) e-money tokens within the meaning of Article 3(1), point (7), of Regulation (EU) 2023/1114, where those tokens reference the value of an official Union currency and are issued by an entity duly authorised under Title IV of that Regulation;
(b) tokenised commercial bank money in the form of deposits issued by a credit institution authorised under Directive 2013/36/EU, where the tokenised representation is legally and technically equivalent to the underlying deposit obligation of that institution;
(c) wholesale central bank digital currency issued by a central bank of a Member State or by the European Central Bank, which shall be treated for all purposes under this Regulation as equivalent to central bank money in non-digital form.
The use of any instrument referred to in points (a) to (c) of the first subparagraph shall not affect the applicable requirements under this Regulation in respect of margin eligibility, default fund contributions, collateral management, or the identity of counterparties through which settlement is conducted.’;

Or. en

Amendment 707

Aurore Lalucq, Evelyn Regner, Nikos Papandreou, Claire Fita

Proposal for a regulation

Article 2 – paragraph 1 – point 25 a (new)

Regulation (EU) No 648/2012

Article 50 – paragraph 3 a (new)

Text proposed by the CommissionAmendment
(25a) in Article 50, the following paragraph is added:
3a. Where central bank money is not used for settlement, a CCP may, subject to compliance with all applicable risk management requirements under this Regulation, use any of the following instruments to discharge payment obligations arising from cleared transactions where central bank money is not used:
(a) tokenised commercial bank money in the form of deposits issued by a credit institution authorised under Directive 2013/36/EU, where the tokenised representation is legally and technically equivalent to the underlying deposit obligation of that institution; tokenised commercial bank money in the form of deposits shall not affect the applicable requirements under this Regulation in respect of margin eligibility, default fund contributions, collateral management, or the identity of counterparties through which settlement is conducted.
(b) wholesale central bank digital currency issued by a central bank of a Member State or by the European Central Bank, which shall be treated for all purposes under this Regulation as equivalent to central bank money in non-digital form.

Or. en

Amendment 708

Sirpa Pietikäinen

Proposal for a regulation

Article 2 – paragraph 1 – point 26 – point a

Regulation (EU) No 648/2012

Article 54 – paragraph 2

Text proposed by the CommissionAmendment
2. ESMA shall grant approval of the interoperability arrangement only where the CCPs involved have been authorised to clear under Article 17 or recognised under Article 25 or authorised under a pre-existing national authorisation regime for a period of at least three years, the requirements laid down in Article 52 are met and the technical conditions for clearing transactions under the terms of the arrangement allow for a smooth and orderly functioning of financial markets and the arrangement does not undermine the effectiveness of supervision.2. ESMA shall grant approval of the interoperability arrangement only where the CCPs involved have been authorised to clear under Article 17 or recognised under Article 25 or authorised under a pre-existing national authorisation regime for a period of at least three years, the requirements laid down in Article 52 are met and the technical conditions for clearing transactions under the terms of the arrangement allow for a smooth and orderly functioning of financial markets and the arrangement does not undermine the effectiveness of supervision and does not introduce systemic risks.
In conducting the assessment preceding the approval referenced in paragraph 2, ESMA shall also assess the operational risk and complexity associated with introducing a new CCP into the interoperability arrangement. In doing so, ESMA shall consider that inclusion of additional CCPs increases inter-CCP exposures, operational complexity and risk, which must be carefully monitored to safeguard market stability and ensure the effectiveness of supervisory arrangements. In particular, ESMA shall consider the number of CCPs involved and that they share the same comnpetent authority.

Or. en

Amendment 709

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 2 – paragraph 1 – point 26 – point a

Regulation (EU) No 648/2012

Article 54 – paragraph 2

Text proposed by the CommissionAmendment
2. ESMA shall grant approval of the interoperability arrangement only where the CCPs involved have been authorised to clear under Article 17 or recognised under Article 25 or authorised under a pre-existing national authorisation regime for a period of at least three years, the requirements laid down in Article 52 are met and the technical conditions for clearing transactions under the terms of the arrangement allow for a smooth and orderly functioning of financial markets and the arrangement does not undermine the effectiveness of supervision.2. ESMA shall grant approval of the interoperability arrangement only where the CCPs involved have been authorised to clear under Article 17 or recognised under Article 25 or authorised under a pre-existing national authorisation regime for a period of at least three years, the requirements laid down in Article 52 are met and the technical conditions for clearing transactions under the terms of the arrangement allow for a smooth and orderly functioning of financial markets and the arrangement does not undermine the effectiveness of supervision and does not create systemic risks.
When carrying out the assessment preceding the approval referred to in the previous sub-paragraph, ESMA shall assess the operational risk and complexity associated with introducing a new CCP into the interoperability arrangement.

Or. en

Amendment 710

Sirpa Pietikäinen

Proposal for a regulation

Article 2 – paragraph 1 – point 26 – point a

Regulation (EU) No 648/2012

Article 54 – paragraph 3

Text proposed by the CommissionAmendment
3. Where ESMA considers that the requirements laid down in paragraph 2 are not met, it shall provide explanations in writing regarding its risk considerations to the other competent authorities and the CCPs involved.;3. Where ESMA considers that the requirements laid down in paragraph 2 are not met or that the introduction of another CCP in the interoperability arrangement could negatively impact market stability, it shall provide explanations in writing regarding its risk considerations to the other competent authorities and the CCPs involved.;

Or. en

Amendment 711

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 2 – paragraph 1 – point 26 – point a

Regulation (EU) No 648/2012

Article 54 – paragraph 3

Text proposed by the CommissionAmendment
3. Where ESMA considers that the requirements laid down in paragraph 2 are not met, it shall provide explanations in writing regarding its risk considerations to the other competent authorities and the CCPs involved.;3. Where ESMA considers that the requirements laid down in paragraph 2 are not met, it shall provide explanations in writing regarding its risk considerations to the CCPs involved and where appropriate indicate measures to address them

Or. en

Amendment 712

Sirpa Pietikäinen

Proposal for a regulation

Article 2 – paragraph 1 – point 26 – point c

Regulation (EU) No 648/2012

Article 54 – paragraph 5 – subparagraphs 1 a and 1 b (new)

Text proposed by the CommissionAmendment
ESMA shall continuously monitor interoperability links and inter-CCP exposures ensuring that the CCPs involved have a sound risk management framework and adequate financial resources to not damage financial stability in Europe.
The ESRB shall develop a report by December 2029 on possible risks to financial stability from interoperability arrangements and ESMA should take into account such report in granting approval and monitoring existing links already authorised.

Or. en

Amendment 713

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 2 – paragraph 1 – point 26 – point c a (new)

Regulation (EU) No 648/2012

Article 54 – paragraph 5 a (new)

Text proposed by the CommissionAmendment
(ca) the following paragraph is added:
‘5a. By [18 months after the entry into force of this Regulation], the Commission, in consultation with ESMA, the ESRB and the ECB, shall assess:
- whether regulatory barriers continue to hinder interoperability;
- the impact of interoperability on competition between CCPs and on clearing costs for market participants;
- the implications of inter-operability for financial stability and systemic risk
The Commission shall report to the European Parliament and the Council and, where appropriate accompany its report with legislative proposal’

Or. en

Amendment 714

Johan Van Overtveldt, Giovanni Crosetto

Proposal for a regulation

Article 2 – paragraph 1 – point 35 a (new)

Regulation (EU) No 648/2012

Article 85 – paragraph 14 – subparagraph 1 – point c a (new)

Text proposed by the CommissionAmendment
(35a) in Article 85(14), first subparagraph, the following point is added:
"(ca) the transfer of supervisory responsibilities has sufficiently taken into account potential fiscal risks related to the activities of the supervised entities."

Or. en

(Regulation (EU) No 648/2012 (EMIR))

Amendment 715

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point iv

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 10 a

Text proposed by the CommissionAmendment
(10a) ‘pan-European market operator’ or ‘PEMO’ means a person or persons who manages and/or operates more than one trading venue in more than one Member State, and which is authorised and functions in accordance with Chapter 3 of Title Ia of this Regulation;(10a) ‘pan-European market operator’ or ‘PEMO’ means a person or persons who manages and/or operates more than one trading venue in more than one Member State or a trading venue in one Member State and another regulated market infrastructure in another Member State, and which is authorised and functions in accordance with Chapter 3 of Title Ia of this Regulation;

Or. en

Amendment 716

Jaroslav Knot, Auke Zijlstra, Enikő Győri, Pierre Pimpie, Tomáš Kubín

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point v

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 13

Text proposed by the CommissionAmendment
(13) ‘regulated market’ means a multilateral system operated and/or managed by a market operator or a PEMO, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments – in the system and in accordance with its non-discretionary rules – in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules and/or systems;(13) ‘regulated market’ means a multilateral system operated and/or managed by a market operator or a PEMO, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments – in the system – in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules and/or systems;

Or. en

Amendment 717

Jaroslav Knot, Auke Zijlstra, Enikő Győri, Pierre Pimpie, Tomáš Kubín

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point v

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 14

Text proposed by the CommissionAmendment
(14) ‘multilateral trading facility’ or ‘MTF’ means a multilateral system, operated by an investment firm or a market operator or a PEMO, which brings together multiple third-party buying and selling interests in financial instruments – in the system and in accordance with non-discretionary rules – in a way that results in a contract;(14) ‘multilateral trading facility’ or ‘MTF’ means a multilateral system, operated by an investment firm or a market operator or a PEMO, which brings together multiple third-party buying and selling interests in financial instruments – in the system – in a way that results in a contract;

Or. en

Amendment 718

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point vi

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 16 b

Text proposed by the CommissionAmendment
(16b) ‘significant trading venue’ means a trading venue considered significant in accordance with Article 38fa;deleted

Or. en

Amendment 719

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point viii

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 18 a

Text proposed by the CommissionAmendment
(18a) ‘national surveillance authority’ means the authority designated pursuant to Article 67 of Directive 2014/65/EU of the Member State where a trading venue is situated or operated, and where ESMA is the competent authority pursuant to Article 38fa;(18a) ‘national surveillance authority’ means the authority designated pursuant to Article 67 of Directive 2014/65/EU of the Member State where a trading venue is situated or operated, and where ESMA is the competent authority pursuant to Article 38fa. The NSA has no supervisory role over the local trading venues for which ESMA is the competent authority as defined in point (18)(b) of this paragraph. A national surveillance authority shall not impose any additional prudential, organisational, reporting or staffing requirements on the trading venue beyond those imposed by ESMA in compliance with this Regulation;

Or. en

Amendment 720

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq, Nikos Papandreou, Claire Fita

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiii

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 36 b – point a – point i

Text proposed by the CommissionAmendment
(i) for continuous order books, the five best bids and offers with their corresponding volume;(i) for continuous order books, the complete depth of bids and offers with their corresponding volume;

Or. en

Amendment 721

Janusz Lewandowski

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiii

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 36 b – point a – point i

Text proposed by the CommissionAmendment
(i) for continuous order books, the five best bids and offers with their corresponding volume;(i) for continuous order books, the European best bid and offer with the corresponding volume;

Or. en

Justification

The equity consolidated tape provider was selected in 2025 and the tape has not yet become operational. Expanding its mandatory content before evidence is available on demand, performance, costs and market impact would risk delaying implementation, increasing costs and altering the conditions underlying the selection procedure. MiFIR already provides for an ESMA assessment of the tape and of possible additional features, followed, where appropriate, by a Commission legislative proposal. That evidence-based review should be completed before further changes are introduced.

Amendment 722

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiii

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 36 b – point a – point i

Text proposed by the CommissionAmendment
(i) for continuous order books, the five best bids and offers with their corresponding volume;(i) for continuous order books, all the bids and offers with their corresponding volume;

Or. en

Amendment 723

Janusz Lewandowski

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiii

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 36 b – point a – point ii a

Text proposed by the CommissionAmendment
(iia) for systematic internalisers, the five best bid and offer quotes published pursuant to Article 14 with their corresponding volume;deleted

Or. en

Justification

The equity consolidated tape provider was selected in 2025 and the tape has not yet become operational. Expanding its mandatory content before evidence is available on demand, performance, costs and market impact would risk delaying implementation, increasing costs and altering the conditions underlying the selection procedure. MiFIR already provides for an ESMA assessment of the tape and of possible additional features, followed, where appropriate, by a Commission legislative proposal. That evidence-based review should be completed before further changes are introduced.

Amendment 724

Marco Falcone

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiii

Regulation EU 600/2014

Article 2 – paragraph 1 – point 36 b – point a – point ii a

Text proposed by the CommissionAmendment
(iia) for systematic internalisers, the five best bid and offer quotes published pursuant to Article 14 with their corresponding volume;deleted
(This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)

Or. en

Justification

Given that SI liquidity is bilateral by nature, and client-related, often it is not executable by the other market participants at the very same conditions. Including the five best bid and offer quotes in a pre-trade Equity CT would create a misleading view of the addressable liquidity. This could potentially compromise the reliability of the tape for all participants

Amendment 725

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq, Nikos Papandreou, Claire Fita

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiii

Regulation (EU) No 600/2014

Article 2 – paragraph 1– point 36 b – point a – point ii a

Text proposed by the CommissionAmendment
(iia) for systematic internalisers, the five best bid and offer quotes published pursuant to Article 14 with their corresponding volume;(iia) for systematic internalisers, the complete depth of bid and offer quotes published pursuant to Article 14 with their corresponding volume;

Or. en

Amendment 726

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiii

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 36 b – point a – point ii a

Text proposed by the CommissionAmendment
(iia) for systematic internalisers, the five best bid and offer quotes published pursuant to Article 14 with their corresponding volume;(iia) for systematic internalisers, the quotes published pursuant to Article 14 with their corresponding volume;

Or. en

Amendment 727

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiii

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 36 b – point a – point iii a

Text proposed by the CommissionAmendment
(iiia) the volume-weighted closing price resulting from all closing auctions operated by trading venues that are data contributors;deleted

Or. en

Amendment 728

Janusz Lewandowski

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiii

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 36 b – point a – point iii a

Text proposed by the CommissionAmendment
(iiia) the volume-weighted closing price resulting from all closing auctions operated by trading venues that are data contributors;deleted

Or. en

Justification

The equity consolidated tape provider was selected in 2025 and the tape has not yet become operational. Expanding its mandatory content before evidence is available on demand, performance, costs and market impact would risk delaying implementation, increasing costs and altering the conditions underlying the selection procedure. MiFIR already provides for an ESMA assessment of the tape and of possible additional features, followed, where appropriate, by a Commission legislative proposal. That evidence-based review should be completed before further changes are introduced.

Amendment 729

Janusz Lewandowski

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiii

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 36 b – point a – point v

Text proposed by the CommissionAmendment
(v) the market identifier code uniquely identifying the trading venue and, for other execution venues, the identifier code identifying the type of execution venue;(v) except for the information referred to in points (i) and (ii), the market identifier code uniquely identifying the trading venue and, for other execution venues, the identifier code identifying the type of execution venue;

Or. en

Justification

The equity consolidated tape provider was selected in 2025 and the tape has not yet become operational. Expanding its mandatory content before evidence is available on demand, performance, costs and market impact would risk delaying implementation, increasing costs and altering the conditions underlying the selection procedure. MiFIR already provides for an ESMA assessment of the tape and of possible additional features, followed, where appropriate, by a Commission legislative proposal. That evidence-based review should be completed before further changes are introduced.

Amendment 730

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq, Nikos Papandreou, Claire Fita

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiii

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 36 b – point a – point vii – point 2

Text proposed by the CommissionAmendment
(2) the entry of the five best bids and offers into the order book;(2) the entry of the complete depth of bids and offers into the order book;

Or. en

Amendment 731

Janusz Lewandowski

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiii

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 36 b – point a – point vii – point 2

Text proposed by the CommissionAmendment
(2) the entry of the five best bids and offers into the order book;(2) the entry of the best bids and offers into the order book;

Or. en

Justification

The equity consolidated tape provider was selected in 2025 and the tape has not yet become operational. Expanding its mandatory content before evidence is available on demand, performance, costs and market impact would risk delaying implementation, increasing costs and altering the conditions underlying the selection procedure. MiFIR already provides for an ESMA assessment of the tape and of possible additional features, followed, where appropriate, by a Commission legislative proposal. That evidence-based review should be completed before further changes are introduced.

Amendment 732

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiii

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 36 b – point a – point vii – point 2

Text proposed by the CommissionAmendment
(2) the entry of the five best bids and offers into the order book;(2) the entry of the bids and offers into the order book;

Or. en

Amendment 733

Marco Falcone

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiii

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 36 b – point a – point vii – point 5

Text proposed by the CommissionAmendment
(5) the entry of the five best bid and offer quotes by the systematic internaliser;deleted

Or. en

Justification

Given that SI liquidity is bilateral by nature, and client-related, often it is not executable by the other market participants at the very same conditions. Including the five best bid and offer quotes in a pre-trade Equity CT would create a misleading view of the addressable liquidity. This could potentially compromise the reliability of the tape for all participants.

Amendment 734

Janusz Lewandowski

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiii

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 36 b – point a – point vii – point 5

Text proposed by the CommissionAmendment
(5) the entry of the five best bid and offer quotes by the systematic internaliser;deleted

Or. en

Amendment 735

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq, Nikos Papandreou, Claire Fita

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiii

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 36 b – point a – point vii – point 5

Text proposed by the CommissionAmendment
(5) the entry of the five best bid and offer quotes by the systematic internaliser;(5) the entry of the complete depth of bid and offer quotes by the systematic internaliser;

Or. en

Amendment 736

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiii

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 36 b – point a – point vii – point 5

Text proposed by the CommissionAmendment
(5) the entry of the five best bid and offer quotes by the systematic internaliser;(5) the entry of quotes by the systematic internaliser;

Or. en

Amendment 737

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq, Nikos Papandreou, Claire Fita

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiii

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 36 b – point b – introductory part

Text proposed by the CommissionAmendment
(b) all of the following data on a given bond or OTC derivative at any given timestamp:(b) all of the following data on a given bond or OTC derivative or exchange traded derivative at any given timestamp:

Or. en

Amendment 738

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiii

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 36 b – point b a (new)

Text proposed by the CommissionAmendment
(ba) all of the following data on a given exchange-traded derivative at any given timestamp:
(i) the transaction prices and volume executed at that price;
(ii) the market identifier code uniquely identifying the trading venue and, for other execution venues, the identifier code identifying the type of execution venue;
(iii) the identifier of the financial instrument;
(iv) where applicable, the expiry date and, for options, the strike price and option type

Or. en

Amendment 739

Regina Doherty

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiv

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 52 a (new)

Text proposed by the CommissionAmendment
(52a) An ETD block trading system (or block trading facility/trade registration system) means a system that accepts pre-arranged ETD trades or cross orders under the rules of a regulated market to register and/or conclude those transactions.

Or. en

Amendment 740

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point a – point xiv

Regulation (EU) No 600/2014

Article 2 – paragraph 1 – point 54 a (new)

Text proposed by the CommissionAmendment
(54a) ‘Exchange traded derivatives block trading system’ means a system that accepts pre-arranged exchange traded derivatives trades or cross orders under the rules of a regulated market to register and/or conclude those transactions.

Or. en

Amendment 741

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Proposal for a regulation

Article 3 – paragraph 1 – point 2 – point b

Regulation (EU) No 600/2014

Article 2 – paragraph 4

Text proposed by the CommissionAmendment
4. ESMA shall issue recommendations to specify the methodology to calculate the volume-weighted closing price as referred to in paragraph 1, point 36b(a)(iiia), in accordance with the procedure laid down in Article 16 of Regulation (EU) No 1095/2010.deleted
\*Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38, ELI: http://data.europa.eu/eli/dir/2004/109/oj).;

Or. en

Amendment 742

Irene Tinagli

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2a – paragraph 3 – subparagraph 1

Text proposed by the CommissionAmendment
The market operator shall perform tasks relating to the organisation and operation of the regulated market under the supervision of the competent authority of the Member State where the regulated market is situated or operated, or ESMA in the cases referred to in Article 38fa, and, where expressly provided for by this Regulation, of the national surveillance authority. The market operator may perform ancillary activities that are linked to the operation of a regulated market.The market operator shall perform tasks relating to the organisation and operation of the regulated market under the supervision of the competent authority of the Member State where the regulated market is situated or operated, or ESMA in the cases referred to in Article 38fa, and, where expressly provided for by this Regulation, of the national surveillance authority. The market operator may perform ancillary activities that are linked to the operation of a regulated market. This is without prejudice to national rules for primary dealers in government bond markets, to the stability of those markets and to the role of Debt Management Offices.

Or. en

Amendment 743

Jaroslav Knot, Auke Zijlstra, Enikő Győri, Pierre Pimpie, Tomáš Kubín

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2a – paragraph 3 – subparagraph 1

Text proposed by the CommissionAmendment
The market operator shall perform tasks relating to the organisation and operation of the regulated market under the supervision of the competent authority of the Member State where the regulated market is situated or operated, or ESMA in the cases referred to in Article 38fa, and, where expressly provided for by this Regulation, of the national surveillance authority. The market operator may perform ancillary activities that are linked to the operation of a regulated market.The market operator shall perform tasks relating to the organisation and operation of the regulated market under the supervision of the competent authority of the Member State where the regulated market is situated or operated, or ESMA in the cases referred to in Article 38fa, and, where expressly provided for by this Regulation, of the national surveillance authority.

Or. en

Amendment 744

Angelika Winzig

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2a – paragraph 3 – subparagraph 1

Text proposed by the CommissionAmendment
The market operator shall perform tasks relating to the organisation and operation of the regulated market under the supervision of the competent authority of the Member State where the regulated market is situated or operated, or ESMA in the cases referred to in Article 38fa, and, where expressly provided for by this Regulation, of the national surveillance authority. The market operator may perform ancillary activities that are linked to the operation of a regulated market.The market operator shall perform tasks relating to the organisation and operation of the regulated market under the supervision of the competent authority of the Member State where the regulated market is situated or operated, or ESMA in the cases referred to in Article 38fa, and, where expressly provided for by this Regulation, of the national surveillance authority.

Or. en

Justification

This restriction should be removed. The concept of "ancillary activities linked to the operation of a regulated market" is too vague and risks being interpreted restrictively, limiting EU trading venues' ability to diversify into adjacent business areas where global competitors are already active. Such an asymmetric constraint would undermine the competitiveness and attractiveness of EU capital markets.

Amendment 745

Johan Van Overtveldt, Giovanni Crosetto

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2a – paragraph 3 – subparagraph 1

Text proposed by the CommissionAmendment
The market operator shall perform tasks relating to the organisation and operation of the regulated market under the supervision of the competent authority of the Member State where the regulated market is situated or operated, or ESMA in the cases referred to in Article 38fa, and, where expressly provided for by this Regulation, of the national surveillance authority. The market operator may perform ancillary activities that are linked to the operation of a regulated market.The market operator shall perform tasks relating to the organisation and operation of the regulated market under the supervision of the competent authority of the Member State where the regulated market is situated or operated, or ESMA in the cases referred to in Article 38fa, and, where expressly provided for by this Regulation, of the national surveillance authority. Without prejudice to the relevant sectoral legislation, the market operator may perform ancillary activities where it does not adversely affect the operation of the market.

Or. en

Justification

The proposal defines ancillary activities too narrowly and leaves their scope unclear, creating legal uncertainty for market operators. This amendment provides a broader and clearer scope, while maintaining the safeguard that these activities may not adversely affect the operation of the market and remain subject to the relevant sectoral legislation.

Amendment 746

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2a – paragraph 3 – subparagraph 2

Text proposed by the CommissionAmendment
Member States shall not impose any additional requirements on the authorisation and operation of regulated markets than those set out in this Regulation.Member States shall not impose any additional requirements on the authorisation and operation of regulated markets than those set out in this Regulation. This is without prejudice to national rules for primary dealers in government bond markets, to the stability of those markets and to the role of Debt Management Offices.

Or. en

Amendment 747

Gaetano Pedulla'

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2b – paragraph 2 – subparagraph 2

Text proposed by the CommissionAmendment
Where the application is not complete, the competent authority shall inform in writing the applicant of the additional information to be provided and set a deadline by which the market operator is to provide additional information.Where the application is not complete, the competent authority shall inform in writing the applicant of the additional information to be provided and set a deadline by which the market operator is to provide additional information. Where ESMA is the competent authority, it shall transmit without undue delay the application and any information provided by the applicant market operator to the national surveillance authority. The national surveillance authority shall provide within 60 days an opinion on the submitted application and transmit that opinion to ESMA.

Or. en

Justification

National surveillance authorities play a critical role in ensuring market integrity, as they are responsible for supervising trading venues and their operators, as well as for monitoring listed companies and investment firms. Where ESMA acts as the competent authority, it is important that national surveillance authorities have access to the information submitted by the applicant market operator and are able to provide ESMA with their views, so as to ensure that ESMA can take fully informed decisions.

Amendment 748

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2b – paragraph 2 – subparagraph 2

Text proposed by the CommissionAmendment
Where the application is not complete, the competent authority shall inform in writing the applicant of the additional information to be provided and set a deadline by which the market operator is to provide additional information.Where the application is not complete, the competent authority shall inform in writing the applicant of the additional information to be provided and set a deadline by which the market operator is to provide additional information. ESMA, in its capacity as the competent authority, shall transmit without undue delay to the national surveillance authority the application submitted by the applicant market operator. Within 40 days the national surveillance authority shall provide an opinion on the application and transmit it to ESMA.

Or. en

Amendment 749

Gaetano Pedulla'

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2b – paragraph 3

Text proposed by the CommissionAmendment
3. The competent authority shall, within six months of receipt of a complete application, assess the compliance with this Chapter of the market operator and of the systems of the regulated market that the market operator intends to operate. It shall adopt a reasoned decision granting or refusing authorisation and shall notify the applicant market operator accordingly within five working days of adoption. It shall also notify the national surveillance authority.3. The competent authority shall, within six months of receipt of a complete application, assess the compliance with this Chapter of the market operator and of the systems of the regulated market that the market operator intends to operate. It shall adopt a reasoned decision granting or refusing authorisation and shall notify the applicant market operator accordingly within five working days of adoption. It shall also notify the national surveillance authority. Where ESMA is the competent authority, it shall adopt its decision taking into account the opinion provided by the national surveillance authority, giving a reasoned explanation of any divergence, and shall also promptly notify that authority of its decision thereof.

Or. en

Justification

National surveillance authorities play a critical role in ensuring market integrity, as they are responsible for supervising trading venues and their operators in this area. Moreover, they are tasked with the monitoring of listed companies and investment firms. Where ESMA is the competent authority, it is important that national surveillance authorities have access to the information provided by the applicant market operator and are able to provide ESMA with their opinion, so that ESMA has all the necessary information to take a reasoned decision.

Amendment 750

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2b – paragraph 3

Text proposed by the CommissionAmendment
3. The competent authority shall, within six months of receipt of a complete application, assess the compliance with this Chapter of the market operator and of the systems of the regulated market that the market operator intends to operate. It shall adopt a reasoned decision granting or refusing authorisation and shall notify the applicant market operator accordingly within five working days of adoption. It shall also notify the national surveillance authority.3. The competent authority shall, within six months of receipt of a complete application, assess the compliance with this Chapter of the market operator and of the systems of the regulated market that the market operator intends to operate. It shall adopt a reasoned decision granting or refusing authorisation and shall notify the applicant market operator accordingly within five working days of adoption. It shall also promptly notify the national surveillance authority and, when ESMA is the competent authority, it shall provide a reasoned explanation of any divergence from the opinion provided by the national surveillance authority.

Or. en

Amendment 751

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2c – paragraph 2

Text proposed by the CommissionAmendment
2. Where ESMA is the competent authority, it shall, without undue delay, notify the national surveillance authority of a decision to withdraw the authorisation of a regulated market.2. Where ESMA is the competent authority, it shall, without undue delay, notify the national surveillance authority of the draft decision to withdraw the authorisation of a regulated market and any information provided by the regulated market and seek its opinion on the withdrawal and its effect in their Member States to ESMA. The national surveillance authority shall provide its opinion within 30 days. ESMA shall provide a reasoned explanation of any divergence from the opinion provided by the national surveillance authority. In case of withdrawal of the authorisation, ESMA shall act in close cooperation with the national surveillance authorities.

Or. en

Amendment 752

Gaetano Pedulla'

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2c – paragraph 2

Text proposed by the CommissionAmendment
2. Where ESMA is the competent authority, it shall, without undue delay, notify the national surveillance authority of a decision to withdraw the authorisation of a regulated market.2. Where ESMA is the competent authority, it shall, without undue delay, notify the national surveillance authority of a decision to withdraw the authorisation of a regulated market, accompanied by any information provided by the regulated market. The national surveillance authority shall provide within 45 days its opinion on the withdrawal and its effect in its Member State to ESMA. ESMA shall adopt its decision taking into account the opinion provided by the national surveillance authority, giving a reasoned explanation of any divergence, and shall also promptly notify that authority of its decision thereof.

Or. en

Justification

National surveillance authorities play a critical role in ensuring market integrity, as they are responsible for supervising trading venues and their operators in this area. Moreover, they are tasked with monitoring listed companies and brokers. While preserving the key role of ESMA as the sole competent authority, it is important that national surveillance authorities are involved in processes that may lead to the withdrawal of the authorisation of a regulated market, so to ensure that ESMA receives all the necessary information to take a reasoned decision and for the NSAs to be enabled to appropriately manage any local consequences of withdrawals.

Amendment 753

Markus Ferber

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2f – paragraph 1 a – subparagraph 1 – introductory part

Text proposed by the CommissionAmendment
The reliance of a market operator on another entity located in the Union and that belongs to the same group as that market operator shall not constitute outsourcing pursuant to paragraph 1, provided that the following conditions are fulfilled:The reliance of a market operator on another entity located in the Union and that belongs to the same group as that market operator shall not constitute outsourcing pursuant to paragraph 1 and shall not be subject to additional notification or reporting requirements by the responsible competent authority, provided that the following conditions are fulfilled:

Or. en

Justification

This amendment confirms that intra-group reliance meeting the conditions in points (a) and (b) falls outside outsourcing for all purposes, including notification. It removes a residual administrative step that would otherwise persist despite the substantive safeguards already being satisfied, ensuring the provision delivers the simplification it is designed to achieve.

Amendment 754

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2f – paragraph 1 a – subparagraph 1 – introductory part

Text proposed by the CommissionAmendment
The reliance of a market operator on another entity located in the Union and that belongs to the same group as that market operator shall not constitute outsourcing pursuant to paragraph 1, provided that the following conditions are fulfilled:The reliance of a market operator on another entity located in the Union and that belongs to the same group as that market operator shall not constitute outsourcing pursuant to paragraph 1, provided that the following condition is fulfilled:

Or. en

Amendment 755

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2f – paragraph 1 a – subparagraph 1 – point a

Text proposed by the CommissionAmendment
(a) the market operator and another entity in the group that will deploy its resources or will perform functions for that regulated market have put in place arrangements to ensure that that entity within the same group cooperates with the competent authority and, where relevant, the national surveillance authority of the regulated market in connection with that deployment of resources or with that performance of functions;deleted

Or. en

Amendment 756

Johan Van Overtveldt, Giovanni Crosetto

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2f – paragraph 1 a – subparagraph 1 – point a a (new)

Text proposed by the CommissionAmendment
(aa) without prejudice to Chapter II and Article 46 of Regulation (EU) 2022/2554, the market operator and the other entity located in the Union that belongs to the same group as that market operator notify the competent authority and, where relevant, the national surveillance authority of the regulated market of any deployment of resources or performance of functions referred to in paragraph 1, without undue delay after that deployment of resources or that performance of functions has commenced;

Or. en

Justification

This amendment introduces an ex post notification obligation for intra-group allocation of resources or functions, to be fulfilled without undue delay after the arrangement has commenced.

Amendment 757

Kinga Kollár

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2h – paragraph 1

Text proposed by the CommissionAmendment
1. The market operator of a regulated market shall ensure that the regulated market adopts tick-size regimes in shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments and in any other financial instrument for which regulatory technical standards are developed in accordance with Article 2zg(3), point (k). The application of tick sizes shall not prevent regulated markets from matching orders large in scale at mid-point within the current bid and offer prices.1. The market operator of a regulated market shall ensure that the regulated market adopts tick-size regimes in shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments and in any other financial instrument for which regulatory technical standards are developed in accordance with Article 2zg(3), point (k). The application of tick sizes shall not prevent regulated markets from matching orders at mid-point within the current bid and offer prices.

Or. en

Amendment 758

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2h – paragraph 1

Text proposed by the CommissionAmendment
1. The market operator of a regulated market shall ensure that the regulated market adopts tick-size regimes in shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments and in any other financial instrument for which regulatory technical standards are developed in accordance with Article 2zg(3), point (k). The application of tick sizes shall not prevent regulated markets from matching orders large in scale at mid-point within the current bid and offer prices.1. The market operator of a regulated market shall ensure that the regulated market adopts tick-size regimes in shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments and in any other financial instrument for which regulatory technical standards are developed in accordance with Article 2zg(3), point (k). The application of tick sizes shall not prevent regulated markets from matching orders at mid-point within the current bid and offer prices.

Or. en

Amendment 759

Janusz Lewandowski

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2j – paragraph 3

Text proposed by the CommissionAmendment
3. Where, as a result of an adjustment of the equivalent amount in a national currency other than the euro, the market capitalisation expressed in the national currency remains for a period of one year at least 10 % more, or at least 10 % less, than EUR 1 000 000, the market operator shall, within the 12 months following the expiry of that period, ensure that the regulated market adjusts its rules to comply with paragraph 1.deleted

Or. en

Justification

Article 2j(3) of MiFIR should be deleted as it imposes unnecessary administrative burdens without providing additional regulatory value. Market operators can determine compliance with the minimum market capitalisation requirement by reference to the applicable euro exchange rate at the time of admission to trading, making annual monitoring of exchange rate fluctuations and corresponding rulebook amendments disproportionate and unnecessary.

Amendment 760

Markus Ferber

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2k – paragraph 2 – subparagraph 2

Text proposed by the CommissionAmendment
Market operators operating other regulated markets, and market operators and investment firms operating MTFs, OTFs and systematic internalisers, which trade the same financial instrument as referred to in paragraph 1 or derivatives as referred to in points (4) to (10) of Section C of Annex I to Directive 2014/65/EC that relate or are referenced to the financial instrument referred to in paragraph 1, shall upon gaining knowledge of such suspension or removal and without undue delay also suspend or remove that financial instrument or derivatives from trading, where the suspension or removal is due to suspected market abuse, a take-over bid or the non-disclosure of inside information about the issuer or financial instrument infringing Articles 7 and 17 of Regulation (EU) No. 596/2014, unless the competent authority or, where ESMA is the competent authority, the national surveillance authority deems that the suspension or removal could cause significant damage to the investors’ interests or the orderly functioning of the market.Market operators operating other regulated markets, and market operators and investment firms operating MTFs, OTFs and systematic internalisers, which trade the same financial instrument as referred to in paragraph 1 or derivatives as referred to in points (4) to (10) of Section C of Annex I to Directive 2014/65/EC that relate or are referenced to the financial instrument referred to in paragraph 1, shall upon gaining knowledge of such suspension or removal and without undue delay also suspend or remove that financial instrument or derivatives from trading, where the suspension or removal is due to suspected market abuse, a take-over bid or the non-disclosure of inside information about the issuer or financial instrument infringing Articles 7 and 17 of Regulation (EU) No. 596/2014, unless the competent authority or, where ESMA is the competent authority, the national surveillance authority deems that the suspension or removal could cause significant damage to the investors' interests or the orderly functioning of the market. Where immediate action is necessary, the market operator may suspend or remove that financial instrument or derivatives from trading before the competent authority has communicated its assessment under this paragraph. The market operator shall notify the competent authority without undue delay.

Or. en

Justification

Coordinated suspension across venues loses its value if delayed pending prior competent authority sign-off, particularly where market abuse or non-disclosure is suspected. This amendment allows venues to act immediately where warranted, while preserving supervisory oversight through mandatory notification without undue delay and continued competent authority review.

Amendment 761

Jaroslav Knot, Auke Zijlstra, Enikő Győri, Pierre Pimpie, Tomáš Kubín

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2k – paragraph 2 – subparagraph 3

Text proposed by the CommissionAmendment
The market operators, investment firms and systematic internalisers referred to in the previous subparagraph shall make public the suspension or removal of the financial instrument and of any related derivative. This paragraph applies also when the suspension from trading of a financial instrument or derivatives as referred to in points (4) to (10) of Section C of Annex I to Directive 2014/65/EC that relate or are referenced to that financial instrument is lifted.The market operators, investment firms and systematic internalisers referred to in the previous subparagraph shall make public the suspension or removal of the financial instrument and of any related derivative and communicate it to their competent authority and, where ESMA is the competent authority, their national surveillance authority. This paragraph applies also when the suspension from trading of a financial instrument or derivatives as referred to in points (4) to (10) of Section C of Annex I to Directive 2014/65/EC that relate or are referenced to that financial instrument is lifted.

Or. en

Amendment 762

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2l – paragraph 5 – subparagraph 1 a (new)

Text proposed by the CommissionAmendment
Those rules shall ensure that access is granted in a manner that does not create unjustified barriers to participation, including for members seeking to provide liquidity or act as a market marker in accordance with Article 2la.

Or. en

Amendment 763

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2 l a (new)

Text proposed by the CommissionAmendment
Article 2la
Provision of liquidity on trading venues
1. Trading venues shall ensure that more than one member or participant is able to provide liquidity or act as a market maker.
2. Trading venues shall not establish or maintain rules, conditions or arrangements that grant exclusive rights to a single member or participant to provide liquidity or act as a market maker.
3. Trading venues shall ensure that any rules, conditions or arrangements governing the provision of liquidity or market making:
(a) are transparent, objective and applied in a non-discriminatory manner; and
(b) do not prevent or materially discourage other members or participants from providing liquidity or acting as market makers.
4. Trading venues may establish differentiated obligations, incentives or technical requirements for liquidity providers or market makers, provided that they are based on objective criteria and are proportionate to the role performed.
5. Trading venues may establish objective performance criteria for participation in liquidity provision or market making schemes, including those established pursuant to Article 2g, and may suspend or remove participants that fail to meet those criteria.
6. The requirements of this Article shall not require trading venues to modify the level of obligations or incentives solely on the basis that participation is not commercially viable for individual members or participants.

Or. en

Amendment 764

Janusz Lewandowski

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2m – title

Text proposed by the CommissionAmendment
Notification of amendments to the rules of the regulated marketNotification of amendments to the rulebook of the regulated market

Or. en

Justification

The term “rules” should be replaced with “rulebook” to ensure legal clarity and consistency with existing legislation and market practice. The current wording could be interpreted as covering all operational, technical and internal rules of a regulated market, leading to disproportionate notification and approval requirements. Limiting the provision to amendments of the regulated market’s rulebook would better reflect existing supervisory frameworks and the distinction commonly made between rulebooks and detailed technical arrangements.

Amendment 765

Janusz Lewandowski

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2m – paragraph 1

Text proposed by the CommissionAmendment
1. A market operator shall notify the competent authority of any amendment to the rules of the regulated market it operates at least 30 days before that amendment takes effect.1. A market operator shall notify the competent authority of any amendment to the rulebook of the regulated market it operates at least 30 days before that amendment takes effect.

Or. en

Justification

The term “rules” should be replaced with “rulebook” to ensure legal clarity and consistency with existing legislation and market practice. The current wording could be interpreted as covering all operational, technical and internal rules of a regulated market, leading to disproportionate notification and approval requirements. Limiting the provision to amendments of the regulated market’s rulebook would better reflect existing supervisory frameworks and the distinction commonly made between rulebooks and detailed technical arrangements.

Amendment 766

Janusz Lewandowski

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2m – paragraph 2

Text proposed by the CommissionAmendment
2. The competent authority shall have the power to require a market operator to amend the rules of the regulated market it operates where it finds that those rules do not comply with the requirements under this Regulation.2. The competent authority shall have the power to require a market operator to amend the rules of the regulated market it operates where it finds that that rulebook do not comply with the requirements under this Regulation.

Or. en

Justification

The term “rules” should be replaced with “rulebook” to ensure legal clarity and consistency with existing legislation and market practice. The current wording could be interpreted as covering all operational, technical and internal rules of a regulated market, leading to disproportionate notification and approval requirements. Limiting the provision to amendments of the regulated market’s rulebook would better reflect existing supervisory frameworks and the distinction commonly made between rulebooks and detailed technical arrangements.

Amendment 767

Irene Tinagli

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2m – paragraph 2 a (new)

Text proposed by the CommissionAmendment
2a. By way of derogation from the previous paragraphs, Member States may subordinate the implementation of any amendments to the rules of wholesale government bond markets to prior approval of a national authority without prejudice to general ESMA’s role in supervision. In that case, Member States shall designate the authority responsible for granting such an approval.

Or. en

Amendment 768

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2m – paragraph 2 a (new)

Text proposed by the CommissionAmendment
2a. By way of derogation from the previous paragraphs, Member States may make the implementation of any amendments to the rules of wholesale government bond markets subject to prior approval. In that case, Member States shall designate the authority responsible for granting such an approval.

Or. en

Amendment 769

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2 o a (new)

Text proposed by the CommissionAmendment
Article 2oa Transformation of regulated markets into branches
1. A legal entity operating an authorised regulated market may spin off by way of demerger the assets and liabilities relating to the operation or management of that regulated market into a branch of another legal entity operating a regulated market, provided that such branch is part of the same group. Such a spinoff by way of demerger shall be carried out in accordance with the national rules implementing Directive (EU) 2017/1132 that are applicable at the time of the transaction in the Member State where the authorised regulated market transferring its activities is established.
2. The market operator of the authorised regulated market that is intended to be spun off into a branch on the basis of paragraph 1 shall notify to its competent authority of the proposed spin-off at least sixty working days before the spin off takes effect. The notification shall include the draft terms of division specifying the allocation of assets and liabilities to the branch in accordance with applicable law.
3. The competent authority of the regulated market that is to be spun off into a branch may issue an opinion on the spin off within thirty working days of receipt of the notification. The regulated market to be spun off to a branch is required to make reasonable amendments to the draft terms of division where the competent authority in its reasonable opinion finds that the draft terms of division fails to:
(a) maintain compliance with Union law;
(b) ensure market continuity.
4. Where the draft terms of division is amended at the request of the competent authority as provided for in paragraph 4, the market operator of the regulated market to be spun off into a branch shall submit the amended draft terms of division to its competent authority. The competent authority shall transmit the amended draft terms of division to the authority of the market operator that operates the branch that is receiving the regulated market referred to in paragraph 1 within seven working days. The spin-off of the regulated market into a branch takes effect thirty working days from the reception of the amended terms of division.

Or. en

Amendment 770

Regina Doherty

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2 o a (new)

Text proposed by the CommissionAmendment
Article 2oa
Transformation of regulated markets into branches
1. A legal entity operating an authorised regulated market may spin off by way of demerger the assets and liabilities relating to the operation or management of that regulated market into a branch of another legal entity operating a regulated market, provided that such branch is part of the same group. Such a spinoff by way of demerger shall be carried out in accordance with the national rules implementing Directive (EU) 2017/1132 that are applicable at the time of the transaction in the Member State where the authorised regulated market transferring its activities is established.
2. The market operator of the authorised regulated market that is intended to be spun off into a branch on the basis of paragraph 1 shall notify to its competent authority of the proposed spin-off at least sixty working days before the spin off takes effect. The notification shall include the draft terms of division specifying the allocation of assets and liabilities to the branch in accordance with applicable law.
3. The competent authority of the regulated market that is to be spun off into a branch may issue an opinion on the spin off within thirty working days of receipt of the notification. The regulated market to be spun off to a branch is required to make reasonable amendments to the draft terms of division where the competent authority in its reasonable opinion finds that the draft terms of division fails to: (a) maintain compliance with Union law; (b) ensure market continuity.
4. Where the draft terms of division is amended at the request of the competent authority as provided for in paragraph 4, the market operator of the regulated market to be spun off into a branch shall submit the amended draft terms of division to its competent authority. The competent authority shall transmit the amended draft terms of division to the authority of the market operator that operates the branch that is receiving the regulated market referred to in paragraph 1 within seven working days. The spin-off of the regulated market into a branch takes effect thirty working days from the reception of the amended terms of division.

Or. en

Amendment 771

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2w – title

Text proposed by the CommissionAmendment
Cross-border activity of MTFs and OTFsCross-border activity and transformation into branches of MTFs and OTFs

Or. en

Amendment 772

Regina Doherty

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2w – title

Text proposed by the CommissionAmendment
Cross-border activity of MTFs and OTFsCross-border activity and transformation into branches of MTFs and OTFs

Or. en

Amendment 773

Regina Doherty

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2w – paragraph 1

Text proposed by the CommissionAmendment
Article 2o shall apply mutatis mutandis with respect to an investment firm or a market operator operating an MTF or an OTF.Articles 2o and 2oa shall apply mutatis mutandis with respect to an investment firm or a market operator operating an MTF or an OTF.

Or. en

Amendment 774

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2w – paragraph 1

Text proposed by the CommissionAmendment
Article 2o shall apply mutatis mutandis with respect to an investment firm or a market operator operating an MTF or an OTF.Articles 2o and 2oa shall apply mutatis mutandis with respect to an investment firm or a market operator operating an MTF or an OTF.

Or. en

Amendment 775

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2x – paragraph 2 – subparagraph 1

Text proposed by the CommissionAmendment
When complying with Article 2l(1), investment firms and market operators operating an MTF shall ensure that the rules governing access to an MTF comply with the conditions established in Article 2l(3).When complying with Article 2l(1), investment firms and market operators operating an MTF shall ensure that the rules governing access to an MTF comply with the conditions established in Article 2l(3) and the requirements in Article 2la.

Or. en

Amendment 776

Gaetano Pedulla'

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2y – paragraph 2 a (new)

Text proposed by the CommissionAmendment
2a. Where ESMA is the competent authority, it shall transmit without undue delay the application and any information provided by the applicant to the national surveillance authority. The national surveillance authority shall, within 45 days, provide an opinion on the submitted application and transmit that opinion to ESMA. ESMA shall adopt its decision taking into account the opinion provided by the national surveillance authority, giving a reasoned explanation of any divergence, and shall promptly notify that authority of the registration.

Or. en

Justification

National surveillance authorities play a critical role in ensuring market integrity, as they are responsible for supervising trading venues and their operators in this area. Moreover, due to their proximity, they have a better understanding of the specific characteristics of small and medium-sized enterprises operating in their Member State. Where ESMA is the competent authority, it is important that national surveillance authorities are involved in processes that may lead to the registration of a multilateral trading facility (MTF), or a segment thereof, as an SME growth market, in order to ensure that ESMA has all the necessary information to take an informed decision.

Amendment 777

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2y – paragraph 2 a (new)

Text proposed by the CommissionAmendment
2a. The procedures envisaged by Article 2b, third paragraph, and by Article 2c, second paragraph, shall apply respectively in case of registration and deregistration of a multilateral trading facility, or a segment thereof, as an SME growth market.

Or. en

Amendment 778

Gaetano Pedulla'

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2y – paragraph 5 a (new)

Text proposed by the CommissionAmendment
5a. Where ESMA is the competent authority, it shall transmit, without undue delay, the draft decision to the relevant national surveillance authorities, together with any information provided by the operator. The national surveillance authorities shall, within 60 days, provide ESMA with their opinions on the deregistration and its effects in their Member States. ESMA shall adopt its decision taking into account the opinions provided by the national surveillance authorities, giving a reasoned explanation of any divergence, and shall promptly notify those authorities of the deregistration.

Or. en

Justification

National surveillance authorities play a critical role in ensuring market integrity, as they are responsible for supervising trading venues and their operators in this area. Moreover, due to their proximity, they have a better understanding of the specific characteristics of small and medium-sized enterprises operating in their Member State. Where ESMA is the competent authority, it is important that national surveillance authorities are involved in processes that may lead to the deregistration of a multilateral trading facility (MTF), or a segment thereof, as an SME growth market, in order to ensure that ESMA receives all the necessary information to take an informed decision and that the NSAs are enabled to appropriately manage any local consequences of deregistrations.

Amendment 779

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2za – paragraph 1

Text proposed by the CommissionAmendment
1. Any legal person intending to operate more than one trading venue in more than one Member State may apply with ESMA for authorisation as pan-European market operator (‘PEMO’) as of [PO: please insert the date as of when ESMA becomes the competent authority pursuant to Article 38fa].1. Any legal person intending to operate more than one trading venue in more than one Member State, or a trading venue in one Member State and another regulated market infrastructure in another Member State, may apply with ESMA for authorisation as pan-European market operator (‘PEMO’) as of [PO: please insert the date as of when ESMA becomes the competent authority pursuant to Article 38fa].

Or. en

Amendment 780

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2za – paragraph 2 – point b

Text proposed by the CommissionAmendment
(b) both the PEMO and the trading venues that it intends to operate meet the requirements laid down in this Title.(b) both the PEMO and the trading venues that it intends to operate meet the requirements laid down in this Title. The requirements will apply at the level of the PEMO as the legal entity.

Or. en

Amendment 781

Regina Doherty

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2za – paragraph 2 – point b

Text proposed by the CommissionAmendment
(b) both the PEMO and the trading venues that it intends to operate meet the requirements laid down in this Title.(b) both the PEMO and the trading venues that it intends to operate meet the requirements laid down in this Title. The requirements will apply at the level of the PEMO as the legal entity.

Or. en

Amendment 782

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2za – paragraph 3

Text proposed by the CommissionAmendment
3. The authorisation referred to in paragraph 2 shall specify the trading venues which the PEMO is authorised to operate and the Member States where those are situated or operated. Where an authorised PEMO seeks to extend its business to operate additional trading venues, it shall submit a request to ESMA for extension of that authorisation.3. The authorisation referred to in paragraph 2 shall specify the trading venues and market infrastructure which the PEMO is authorised to operate and the Member States where those are situated or operated. Where an authorised PEMO seeks to extend its business to operate additional trading venues, it shall submit a request to ESMA for extension of that authorisation.

Or. en

Amendment 783

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2za – paragraph 4

Text proposed by the CommissionAmendment
4. A PEMO shall comply at all times with the conditions for authorisation referred to in this Title. A PEMO shall, without undue delay, notify ESMA of any material changes to the conditions for authorisation, including to the list of trading venues it intends to operate.4. A PEMO shall comply at all times with the conditions for authorisation referred to in this Title. A PEMO shall, without undue delay, notify ESMA of any material changes to the conditions for authorisation, including to the list of trading venues and market infrastructures it intends to operate.

Or. en

Amendment 784

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2za – paragraph 5 a (new)

Text proposed by the CommissionAmendment
5a. The designation of ESMA as competent authority for a PEMO shall be without prejudice to the supervisory powers of competent authorities designated under other Union acts. ESMA and those competent authorities shall cooperate closely and exchange all information necessary for the exercise of their respective supervisory responsibilities.

Or. en

Amendment 785

Gaetano Pedulla'

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2zb – paragraph 3 – subparagraph 2 a (new)

Text proposed by the CommissionAmendment
ESMA shall, without undue delay, transmit the application and any information provided by the applicant to the national surveillance authorities. Each national surveillance authority shall, within 60 days, provide ESMA with an opinion on the submitted application in relation to markets situated or operated in its Member State and shall transmit that opinion to ESMA.

Or. en

Amendment 786

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2zb – paragraph 3 – subparagraph 2 a (new)

Text proposed by the CommissionAmendment
ESMA shall transmit without undue delay to the national surveillance authority the application and any information provided by the applicant. Within 40 days the national surveillance authority shall provide an opinion on the application and transmit it to ESMA.

Or. en

Amendment 787

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2zb – paragraph 4

Text proposed by the CommissionAmendment
4. ESMA shall, within six months of receipt of a complete application, assess the compliance of the PEMO and of the trading venues that the PEMO intends to operate with this Title. It shall adopt a reasoned decision granting or refusing authorisation and shall notify the applicant PEMO accordingly within five working days of adoption. It shall also notify the relevant national surveillance authorities.4. ESMA shall, within six months of receipt of a complete application, assess the compliance of the PEMO and of the trading venues that the PEMO intends to operate with this Title. It shall adopt a reasoned decision granting or refusing authorisation, taking into account the opinions provided by the national surveillance authorities, giving a reasoned explanation of any divergence. ESMA shall notify the applicant PEMO accordingly, within five working days of its adoption. It shall also promptly notify the relevant national surveillance authorities.

Or. en

Amendment 788

Gaetano Pedulla'

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2zb – paragraph 4

Text proposed by the CommissionAmendment
4. ESMA shall, within six months of receipt of a complete application, assess the compliance of the PEMO and of the trading venues that the PEMO intends to operate with this Title. It shall adopt a reasoned decision granting or refusing authorisation and shall notify the applicant PEMO accordingly within five working days of adoption. It shall also notify the relevant national surveillance authorities.4. ESMA shall, within six months of receipt of a complete application, assess the compliance of the PEMO and of the trading venues that the PEMO intends to operate with this Title. It shall adopt a reasoned decision granting or refusing authorisation, taking into account the opinions provided by the national surveillance authorities, giving a reasoned explanation of any divergence, and shall notify the applicant PEMO accordingly, within five working days of its adoption. It shall also promptly notify the relevant national surveillance authorities.

Or. en

Justification

National surveillance authorities play a critical role in ensuring market integrity and are asked to supervise trading venues and their operators in this area, including PEMOs. Moreover, they are tasked with the surveillance over listed companies and brokers. It is important that national surveillance authorities are involved in the process that may lead to the authorization of a PEMO, to make sure that ESMA receives all necessary information to adopt a reasoned decision.

Amendment 789

Jaroslav Knot, Auke Zijlstra, Enikő Győri, Pierre Pimpie, Tomáš Kubín

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2zb – paragraph 4

Text proposed by the CommissionAmendment
4. ESMA shall, within six months of receipt of a complete application, assess the compliance of the PEMO and of the trading venues that the PEMO intends to operate with this Title. It shall adopt a reasoned decision granting or refusing authorisation and shall notify the applicant PEMO accordingly within five working days of adoption. It shall also notify the relevant national surveillance authorities.4. ESMA shall, within six months of receipt of a complete application, assess the compliance of the PEMO and of the trading venues that the PEMO intends to operate with this Title. It shall adopt a reasoned decision granting or refusing authorisation and shall notify the applicant PEMO accordingly within five working days of adoption. It shall also notify the relevant national surveillance authorities within five working days of adoption.

Or. en

Amendment 790

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2zc – paragraph 1

Text proposed by the CommissionAmendment
1. ESMA may withdraw the authorisation of a PEMO in the cases referred to in Article 2c(1).1. ESMA may withdraw the authorisation of a PEMO in the cases referred to in Article 2c(1), with respect to all regulated markets operated by a PEMO or also partially, with respect to one or more of these regulated markets.

Or. en

Amendment 791

Gaetano Pedulla'

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2zc – paragraph 1

Text proposed by the CommissionAmendment
1. ESMA may withdraw the authorisation of a PEMO in the cases referred to in Article 2c(1).1. ESMA may withdraw the authorisation of a PEMO in the cases referred to in Article 2c(1), including partially, where the PEMO ceases to operate one of the regulated markets for which it is authorised.

Or. en

Justification

It is necessary to clarify that, where a PEMO ceases to operate one of the regulated markets for which it has been authorised, the procedure for the withdrawal of authorisation should be followed, in line with Article 2c of MiFIR for regulated markets operating under the “standard” regime.

Amendment 792

Gaetano Pedulla'

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2zc – paragraph 2

Text proposed by the CommissionAmendment
2. Upon withdrawal of the authorisation, ESMA shall notify the relevant national surveillance authorities as well as, where relevant, the authority designated pursuant to Article 67 of Directive 2014/65/EU of the Member State where the trading venues operated by the PEMO provide their activities.2. ESMA shall transmit the draft decision to the relevant national surveillance authorities, together with any information provided by the PEMO. The national surveillance authorities shall, within 45 days, provide ESMA with their opinions on the withdrawal and its effects in their Member States. ESMA shall adopt its decision, taking into account the opinions provided by the national surveillance authorities, giving a reasoned explanation of any divergence, and shall notify those authorities of the decision, as well as, where relevant, the authority designated pursuant to Article 67 of Directive 2014/65/EU of the Member State where the trading venues operated by the PEMO carry out their activities.

Or. en

Justification

National surveillance authorities play a critical role in ensuring market integrity, as they are responsible for supervising trading venues and their operators in this area, including PEMOs. Moreover, they are tasked with monitoring listed companies and brokers. It is important that national surveillance authorities are involved in processes that may lead to the withdrawal of the authorisation of a PEMO, in order to ensure that ESMA has all the necessary information to take an informed decision.

Amendment 793

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2zc – paragraph 2

Text proposed by the CommissionAmendment
2. Upon withdrawal of the authorisation, ESMA shall notify the relevant national surveillance authorities as well as, where relevant, the authority designated pursuant to Article 67 of Directive 2014/65/EU of the Member State where the trading venues operated by the PEMO provide their activities.2. ESMA shall transmit the draft decision, together with any information provided by the PEMO, to the relevant national surveillance authorities, which shall, within 30 days, provide ESMA with their opinions on the withdrawal and its effects in their Member States. ESMA shall take into account the opinions provided by the national surveillance authorities and shall provide a reasoned explanation of any divergence. ESMA shall notify those authorities of the decision, as well as, where relevant, the authority designated pursuant to Article 67 of Directive 2014/65/EU of the Member State where the trading venues operated by the PEMO carry out their activities.

Or. en

Amendment 794

Regina Doherty

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2zd – paragraph 2 – subparagraph 1

Text proposed by the CommissionAmendment
The PEMO shall be responsible, under the supervision of ESMA and, where expressly provided for by this Regulation, of the national surveillance authorities, for ensuring that the trading venues that it operates comply with the requirements laid down in in this Regulation.The PEMO shall be responsible, under the supervision of ESMA for ensuring that the trading venues that it operates comply with the requirements laid down in in this Regulation.

Or. en

Amendment 795

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2zd – paragraph 2 – subparagraph 1

Text proposed by the CommissionAmendment
The PEMO shall be responsible, under the supervision of ESMA and, where expressly provided for by this Regulation, of the national surveillance authorities, for ensuring that the trading venues that it operates comply with the requirements laid down in in this Regulation.The PEMO shall be responsible, under the supervision of ESMA for ensuring that the trading venues that it operates comply with the requirements laid down in in this Regulation.

Or. en

Amendment 796

Markus Ferber

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2zd – paragraph 2 – subparagraph 1

Text proposed by the CommissionAmendment
The PEMO shall be responsible, under the supervision of ESMA and, where expressly provided for by this Regulation, of the national surveillance authorities, for ensuring that the trading venues that it operates comply with the requirements laid down in in this Regulation.The PEMO shall be responsible, under the supervision of ESMA, for ensuring that the trading venues that it operates comply with the requirements laid down in in this Regulation.

Or. en

Justification

The reference to national surveillance authorities introduces residual supervisory ambiguity inconsistent with single ESMA competence for PEMOs.

Amendment 797

Gaetano Pedulla'

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2zd – paragraph 2 a (new)

Text proposed by the CommissionAmendment
2a. PEMOs shall maintain open, non-discriminatory access to their trading venues and related services for all authorised investment firms. Any refusal of access shall be notified to ESMA and justified based on objective risk criteria.
When authorising a PEMO or an extension of its activities under Articles 2za and 2zb, ESMA shall carry out an assessment of the potential impact on market competition and the viability of smaller local trading venues. Where ESMA identifies a risk of significant market foreclosure or reduced diversity, it shall impose conditions on the authorisation, which may include requirements for interoperability with local CCPs and safeguards against predatory fee structures.

Or. en

Justification

This amendment ensures that the pooling of liquidity by PEMOs does not lead to a "winner-take-all" scenario that eliminates local market expertise. By giving ESMA the power to mandate interoperability with local CCPs, the amendment preserves a "diverse ecosystem" and protects the "proximity to local market ecosystems" that the Commission identifies as essential for market integrity.

Amendment 798

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2zd – paragraph 2 a (new)

Text proposed by the CommissionAmendment
2a. Member States shall not impose any additional regulatory or administrative requirements, in respect of matters covered by this Regulation, on individual trading venues belonging to a PEMO.

Or. en

Amendment 799

Regina Doherty

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2zd – paragraph 2 a (new)

Text proposed by the CommissionAmendment
2a. Member States shall not impose any additional regulatory or administrative requirements, in respect of matters covered by this Regulation, on individual trading venues belonging to a PEMO.

Or. en

Amendment 800

Markus Ferber

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2zd – paragraph 2 a (new)

Text proposed by the CommissionAmendment
2a. Member States shall not subject individual trading venues belonging to a PEMO to any further regulatory or administrative requirements.

Or. en

Justification

This addition prevents Member States from imposing further national requirements on individual trading venues within a PEMO, preserving single-entity, single-supervisor treatment at venue level.

Amendment 801

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2ze – paragraph 2 – subparagraph 1

Text proposed by the CommissionAmendment
The PEMO shall determine, in the application for authorisation pursuant to Article 2zb, or in the request for extension of the authorisation pursuant to Article 2za(3), for each trading venue that it intends to operate, the Member State in the territory of which the trading venue shall be deemed to be situated or operated. In cases where a PEMO becomes the operator of a trading venue that is already authorised, that trading venue shall be deemed to be situated or operated in the territory of the Member State where that trading venue was initially authorised.The PEMO shall determine, in the application for authorisation pursuant to Article 2zb, or in the request for extension of the authorisation pursuant to Article 2za(3), for each trading venue that it intends to operate, the Member State in the territory of which the trading venue shall be deemed to be situated or operated. In cases where a PEMO becomes the operator of a trading venue that is already authorised, that trading venue shall be deemed to be situated or operated in the territory of the Member State where that trading venue was initially authorised. In such cases, the process for transforming the existing regulated market into the new branch is set out in Article 2 oa.

Or. en

Amendment 802

Regina Doherty

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2ze – paragraph 2 – subparagraph 1

Text proposed by the CommissionAmendment
The PEMO shall determine, in the application for authorisation pursuant to Article 2zb, or in the request for extension of the authorisation pursuant to Article 2za(3), for each trading venue that it intends to operate, the Member State in the territory of which the trading venue shall be deemed to be situated or operated. In cases where a PEMO becomes the operator of a trading venue that is already authorised, that trading venue shall be deemed to be situated or operated in the territory of the Member State where that trading venue was initially authorised.The PEMO shall determine, in the application for authorisation pursuant to Article 2zb, or in the request for extension of the authorisation pursuant to Article 2za(3), for each trading venue that it intends to operate, the Member State in the territory of which the trading venue shall be deemed to be situated or operated. In cases where a PEMO becomes the operator of a trading venue that is already authorised, that trading venue shall be deemed to be situated or operated in the territory of the Member State where that trading venue was initially authorised. In such cases, the process for transforming the existing regulated market into the new branch is set out in Article 2oa.

Or. en

Amendment 803

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 3

Regulation (EU) No 600/2014

Article 2ze – paragraph 2 – subparagraph 2

Text proposed by the CommissionAmendment
For matters not covered by directly applicable Union law, the national law governing the trading conducted under the systems of a trading venue operated by a PEMO shall be that of the Member State where the trading venue is deemed to be situated or operated.deleted

Or. en

Amendment 804

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 3 a (new)

Regulation (EU) No 600/2014

Article 3 – paragraph 3 a (new)

Text proposed by the CommissionAmendment
(3a) In Article 3, the following paragraph is added:
‘3a. A review of the transparency requirements shall be carried out by ESMA to take into account developments in different trading models as the framework needs to appropriately cover the full suite of models that now operate.’

Or. en

Amendment 805

Gaetano Pedulla'

Proposal for a regulation

Article 3 – paragraph 1 – point 4 a (new)

Regulation (EU) No 600/2014

Article 4 a (new)

Text proposed by the CommissionAmendment
(4a) the following article is inserted:
‘Article 4a
Instruments critical for price formation
1. ESMA shall periodically define and publish a list of financial instruments considered critical for price formation based on their liquidity profile and systemic importance for the Union’s capital markets.
2. ESMA shall conduct enhanced monitoring of the trading volumes conducted under the waivers referred to in Article 4(1), point (a), and Article 9(1) for the instruments included in the list referred to in paragraph 1.
3. By ... [two years after the date of application of this amending Regulation], ESMA shall submit a report to the Commission assessing the impact of the standard volume caps on the price discovery process for these critical instruments. Where ESMA identifies a material impairment of price formation, it shall recommend a phased reduction of the aggregate cap for those specific instruments.
4. The Commission is empowered to adopt delegated acts in accordance with Article 50 to amend this Regulation by applying a lower aggregate cap for instruments included in the list referred to in paragraph 1, which shall be calibrated between 4 % and 6 % based on the findings of the report referred to in paragraph 3, provided that such reduction does not lead to a significant decline in overall market liquidity.’;

Or. en

Justification

This amendment establishes a targeted supervisory framework for financial instruments of high systemic importance to preserve the integrity of the public price discovery process. It introduces an enhanced monitoring regime and a data-driven mechanism for ESMA to identify and report on potential impairments to price formation caused by excessive dark trading. By empowering the Commission to calibrate a lower aggregate volume cap for these specific instruments, the provision ensures that regulatory interventions are empirically based and focused on maintaining reliable reference prices without causing significant declines in overall market liquidity.

Amendment 806

Markus Ferber

Proposal for a regulation

Article 3 – paragraph 1 – point 4 a (new)

Regulation (EU) No 600/2014

Article 5 – paragraph 10 – subparagraph 1

Text proposed by the CommissionAmendment
(4a) in Article 5, the first subparagraph of paragraph 10 is deleted.

Or. en

Justification

Deletion recommended by ESMA in its letter on prioritisation of 2026 ESMA deliverables (ESMA22-50751485-1672). Concerns the report on volume cap thresholds.

Amendment 807

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 5 a (new)

Regulation (EU) No 600/2014

Article 7 – paragraph 2 – point a

Text proposed by the CommissionAmendment
(5a) In article Article 7, paragraph 2, point (a) is replaced by the following:
(a) the details of transactions that investment firms, including systematic internalisers and market operators and investment firms operating a trading venue shall make available to the public for each class of financial instrument concerned in accordance with Article 6(1), including identifiers for the different types of transactions published under Article 6(1) and Article 20, distinguishing between those determined by factors linked primarily to the valuation of the financial instruments and those determined by other factors;(a) the details of transactions that investment firms, including systematic internalisers and market operators and investment firms operating a trading venue shall make available to the public for each class of financial instrument concerned in accordance with Article 6(1), including identifiers and application methodology for the different types of transactions with the objective to strengthen market participants' ability to identify economically relevant transactions, published under Article 6(1) and Article 20, distinguishing between those determined by factors linked primarily to the valuation of the financial instruments and those determined by other factors;
ESMA shall also assess whether further transaction flags should be introduced for systematic internaliser transactions, where such flags would enhance the quality and usability of post-trade transparency data.

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02010R1095-20251110)

Amendment 808

Regina Doherty

Proposal for a regulation

Article 3 – paragraph 1 – point 5 a (new)

Regulation (EU) No 600/2014

Article 8a – paragraph 1

Present textAmendment
(5a) In Article 8a, the first paragraph is replaced by the following:
1. When applying a central limit order book or a periodic auction trading system, market operators operating a regulated market shall make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems in respect of exchange-traded derivatives. Those market operators shall make that information available to the public on a continuous basis during normal trading hours.“1. When applying a central limit order book, a periodic auction trading system, or exchange-traded derivatives’ block trading system, market operators operating a regulated market shall make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems in respect of exchange-traded derivatives. Those market operators shall make that information available to the public on a continuous basis during normal trading hours.”

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20251123)

Amendment 809

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 5 a (new)

Regulation (EU) No 600/2014

Article 8a – paragraph 1

Present textAmendment
(5a) In Article 8a, the first paragraph is replaced by the following:
1. When applying a central limit order book or a periodic auction trading system, market operators operating a regulated market shall make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems in respect of exchange-traded derivatives. Those market operators shall make that information available to the public on a continuous basis during normal trading hours"1. When applying a central limit order book, a periodic auction trading system or exchange-traded derivatives block trading system, market operators operating a regulated market shall make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems in respect of exchange-traded derivatives. Those market operators shall make that information available to the public on a continuous basis during normal trading hours."

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20251123)

Amendment 810

Regina Doherty

Proposal for a regulation

Article 3 – paragraph 1 – point 6 a (new)

Regulation (EU) No 600/2014

Article 8b

Present textAmendment
(6a) Article 8b is replaced by the following:
Article 8b“Article 8b
Pre-trade transparency requirements for trading venues in respect of package ordersPre-trade transparency requirements for trading venues in respect of package orders
1. When applying a central limit order book or a periodic auction trading system, market operators and investment firms operating a trading venue shall make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems in respect of package orders composed of bonds, structured finance products, emission allowances or derivatives. Those market operators and investment firms shall make that information available to the public on a continuous basis during normal trading hours.When applying a central limit order book, a periodic auction trading system, or exchange-traded derivatives’ block trading system, market operators and investment firms operating a trading venue shall make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems in respect of package orders composed of bonds, structured finance products, emission allowances and derivatives. Those market operators and investment firms shall make that information available to the public on a continuous basis during normal trading hours.“
2. The transparency requirements referred to in paragraph 1 shall be calibrated for different types of trading systems.

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20251123)

Amendment 811

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 6 a (new)

Regulation (EU) No 600/2014

Article 8b – paragraph 1

Present textAmendment
(6a) In Article 8b, the first paragraph is replaced by the following:
1. When applying a central limit order book or a periodic auction trading system, market operators and investment firms operating a trading venue shall make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems in respect of package orders composed of bonds, structured finance products, emission allowances or derivatives. Those market operators and investment firms shall make that information available to the public on a continuous basis during normal trading hours.“1. When applying a central limit order book, a periodic auction trading system or exchange-traded derivatives block trading system, market operators and investment firms operating a trading venue shall make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems in respect of package orders composed of bonds, structured finance products, emission allowances and derivatives. Those market operators and investment firms shall make that information available to the public on a continuous basis during normal trading hours.”

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20251123)

Amendment 812

Angelika Winzig

Proposal for a regulation

Article 3 – paragraph 1 – point 7 – point b a (new)

Regulation (EU) No 600/2014

Article 9 – paragraph 5 – subparagraph 1 – point (b)

Text proposed by the CommissionAmendment
(ba) in paragraph 5, first subparagraph, point (b), the following sentences are added:
'As regards pre-arranged transactions formalised on a trading venue, those regulatory technical standards shall establish the general principles that trading venues are to take into account when determining the applicable transparency arrangements, including the relevant large in scale thresholds and the determination of instruments for which there is not a liquid market. Those principles shall take into account the liquidity of the relevant asset class or sub-class, the maturity of the relevant contracts and the stage of their development, the overall open interest in the relevant contract and in other financial instruments with the same underlying, the number and size of market participants, the characteristics of the underlying market and the nature of the trading system. This shall be without prejudice to the discretion of trading venues in setting those arrangements for the instruments traded on their markets, including the calibration of the relevant thresholds.'

Or. en

Justification

Effective pre-trade transparency should encourage derivatives trading to move from bilateral OTC markets to transparent and centrally cleared trading venues. This requires a framework that reflects the diversity of European derivatives markets rather than imposing overly prescriptive transparency calibrations that may discourage on-venue trading. A principles-based approach, under which ESMA sets the overall framework while trading venues calibrate its application to the specific characteristics of their markets, strikes the right balance between regulatory consistency and market efficiency.

Amendment 813

Regina Doherty

Proposal for a regulation

Article 3 – paragraph 1 – point 7 – point b a (new)

Regulation (EU) No 600/2014

Article 9 – paragraph 5 – point f

Present textAmendment
(ba) In paragraph 5, point (f) is replaced by the following:
(f) the characteristics of central limit order books and periodic auction trading systems.(f) the characteristics of central limit order books, periodic auction trading systems, and exchange-traded derivatives’ block trading systems.

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20251123)

Amendment 814

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq, Nikos Papandreou, Claire Fita

Proposal for a regulation

Article 3 – paragraph 1 – point 9 a (new)

Regulation (EU) No 600/2014

Article 13 – paragraph 1 – subparagraph 1

Present textAmendment
(9a) In Article 13, paragraph 1, the first subparagraph is replaced by the following:
Market operators and investment firms operating a trading venue, APAs, CTPs and systematic internalisers shall make available to the public the information published in accordance with Articles 3, 4, 6 to 11a, 14, 20, 21, 27g and 27h on a reasonable commercial basis, including unbiased and fair contractual terms."Market operators and investment firms operating a trading venue, APAs, CTPs and systematic internalisers shall make available to the public the information published as a result of the trading activity in accordance with Articles 3, 4, 6 to 11a, 14, 20, 21, 27g and 27h on a reasonable commercial basis, including unbiased and fair contractual terms, as well as the right that the information is usable for all purposes, including the right of the market data client to create any data using data supplied by the market operators and investment firms operating a trading venue as an input."

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20251123)

Amendment 815

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq, Nikos Papandreou, Claire Fita

Proposal for a regulation

Article 3 – paragraph 1 – point 9 b (new)

Regulation (EU) No 600/2014

Article 13 – paragraph 5 – subparagraph 2

Present textAmendment
(9b) In Article 13, paragraph 5, the second subparagraph is replaced by the following:
ESMA shall, every two years, monitor and assess the developments in the cost of data and shall, where appropriate, update those draft regulatory technical standards on the basis of its assessment.“ESMA shall, every two years, in cooperation with the national competition authorities and the European competition authorities consult on, monitor and assess the developments in the cost of market data, margins, as well as terms and conditions associated with access to and usage of market data and shall, where appropriate, update those draft regulatory technical standards on the basis of its assessment. The first assessment of the development of market data costs shall at the latest be concluded by 29 December 2027."

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20251123)

Amendment 816

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 9 a (new)

Regulation (EU) No 600/2014

Article 14 – paragraph 1 – subparagraph 1

Present textAmendment
(9a) In article 14, paragraph 1, the first subparagraph is replaced by the following:
Investment firms shall make public firm quotes in respect of those shares, depositary receipts, ETFs, certificates and other similar financial instruments traded on a trading venue for which they are systematic internalisers and for which there is a liquid market."Investment firms shall make public firm all their quotes in respect of those shares, depositary receipts, ETFs, certificates and other similar financial instruments traded on a trading venue for which they are systematic internalisers and for which there is a liquid market."

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20251123)

Amendment 817

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Proposal for a regulation

Article 3 – paragraph 1 – point 9 a (new)

Regulation (EU) No 600/2014

Article 14 – paragraph 1 – subparagraph 2 a (new)

Text proposed by the CommissionAmendment
(9a) In article 14, paragraph 1, the following subparagraph is added:
‘Quotes provided by systematic internalisers reflecting clients-specific conditions shall not be comparable to prices established on trading venues through multilateral interaction between buying and selling interests and shall therefore not be subject to consolidation by a consolidated tape provider.’

Or. en

((https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20251123)

Amendment 818

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 10

Regulation (EU) No 600/2014

Article 14 – paragraph 7 – subparagraph 1 – introductory part

Text proposed by the CommissionAmendment
In order to ensure the efficient valuation of shares, depositary receipts, ETFs, certificates and other similar financial instruments and maximise the possibility of investment firms to obtain the best deal for their clients, ESMA may develop draft regulatory technical standards to specify:In order to ensure the efficient valuation of shares, depositary receipts, ETFs, certificates and other similar financial instruments and maximise the possibility of investment firms to obtain the best deal for their clients, ESMA shall develop draft regulatory technical standards to specify:

Or. en

Amendment 819

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 10 a (new)

Regulation (EU) No 600/2014

Article 15 – paragraph 1 – subparagraph 3

Present textAmendment
(10a) In Article 15, paragraph 1, the third subparagraph is replaced with the following:
Systematic internalisers shall establish and implement transparent and non-discriminatory rules and objective criteria for the efficient execution of orders. They shall have arrangements for the sound management of their technical operations, including the establishment of effective contingency arrangements to address risks of systems disruption.“Systematic internalisers shall establish and implement transparent and non-discriminatory rules and objective criteria for the efficient execution of orders, and shall make publicly available information on those rules, including the main elements governing access to their quotes and the execution of orders. They shall have arrangements for the sound management of their technical operations, including the establishment of effective contingency arrangements to address risks of systems disruption.”

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20251123)

Amendment 820

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 10 a (new)

Regulation (EU) No 600/2014

Article 15 – paragraph 1 – subparagraph 3 a (new)

Text proposed by the CommissionAmendment
(10b) In Article 15, paragraph 1, the following subparagraph is added:
“ As part of the notification process referred to in the second subparagraph, and without prejudice to Article 14(2), Member States shall ensure that systematic internalisers provide their competent authority with the information necessary to enable effective supervision of their activity as a systematic internaliser, including to assess compliance with this article. This information shall include, at least: (a) description of the execution model applied, including evidence of the bilateral nature of the activity; (b) a description of the execution process, including any interaction with trading venues and other systematic internalisers; (c) a description of the arrangements for the sound management of technical operations, including effective contingency arrangements to address risks of systems disruption; (d) information demonstrating compliance with best execution obligations under Directive 2014/65/EU. “

Or. en

Amendment 821

Janusz Lewandowski

Proposal for a regulation

Article 3 – paragraph 1 – point 10 a (new)

Regulation (EU) No 600/2014

Article 15 – paragraph 1 – subparagraph 3 a (new)

Text proposed by the CommissionAmendment
(10a) in Article 15, paragraph 1, the following subparagraph is added:
"As part of the notification referred to in the second subparagraph, and without prejudice to Article 14(2), the competent authorities of Member States may request systematic internalisers to submit the information necessary for the effective supervision of their activities as systematic internalisers, including for the purpose of assessing compliance with this Article.
The information provided shall include:
(a) a description of the execution model used, together with information demonstrating the bilateral nature of the activity;
(b) a description of the order execution process, including any interaction with trading venues or other systematic internalisers;
(c) a description of the arrangements established for the sound management of technical operations, including effective contingency arrangements designed to address risks arising from systems disruption.
(d) information demonstrating compliance with best execution obligations under Directive 2014/65/EU. "

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20251123)

Justification

The amendment strengthens supervision of systematic internalisers. Requiring fuller reporting to competent authorities will support consistent enforcement and facilitate compliance with best execution duties. Given the scale of SI activity, proportionate safeguards are needed

Amendment 822

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 10 a (new)

Regulation (EU) No 600/2014

Article 15 – paragraph 1 a (new)

Text proposed by the CommissionAmendment
(10a) In article 15, the following paragraph 1a is inserted:
'1a. Systematic internalisers shall draw up and make publicly available, in a readily accessible and machine-readable format, a document describing the rules governing their activity as systematic internalisers, including at least:
(a) the criteria for access by counterparties, including any conditions relating to client categorisation, minimum order size or instrument eligibility;
(b) a description of the execution process, including the manner in which prices are determined, the circumstances in which execution may be refused or deferred and how best execution obligations under Directive 2014/65/EU are adhered to;
(c) the arrangements in place to ensure that transactions are executed on a bilateral basis, including a description of any systems or connectivity arrangements used in connection with the systematic internaliser activity.
Systematic internalisers shall notify their competent authority of the document referred to in the first subparagraph and of any material changes thereto without undue delay.'

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20251123)

Amendment 823

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 11

Regulation (EU) No 600/2014

Article 15 – paragraph 2 – subparagraph 2 – point a

Text proposed by the CommissionAmendment
(a) the price falls within a public range close to market conditions; and(a) the price falls within a public range close to market conditions and complies with the tick size regime in accordance with Article 49 of Directive 2014/65/EU; and

Or. en

Amendment 824

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Proposal for a regulation

Article 3 – paragraph 1 – point 11

Regulation (EU) No 600/2014

Article 15 – paragraph 2 – subparagraph 2 – point b

Text proposed by the CommissionAmendment
(b) in case of retail orders, they immediately, and in any event before execution, update their public quotes to reflect the price improvement.deleted

Or. en

Amendment 825

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 11

Regulation (EU) No 600/2014

Article 15 – paragraph 2 – subparagraph 2 – point b

Text proposed by the CommissionAmendment
(b) in case of retail orders, they immediately, and in any event before execution, update their public quotes to reflect the price improvement.(b) they immediately, and in any event before execution, update their public quotes to reflect the price improvement.

Or. en

Amendment 826

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 11

Regulation (EU) No 600/2014

Article 15 – paragraph 2 – subparagraph 2 – point b

Text proposed by the CommissionAmendment
(b) in case of retail orders, they immediately, and in any event before execution, update their public quotes to reflect the price improvement.(b) they immediately, and in any event before execution, update their public quotes to reflect the price improvement.

Or. en

Amendment 827

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Proposal for a regulation

Article 3 – paragraph 1 – point 11

Regulation (EU) No 600/2014

Article 15 – paragraph 2 – subparagraph 3

Text proposed by the CommissionAmendment
For the purpose of the second subparagraph, a retail order is an order originating from a retail client as defined in Article 4(1), point (11) of Directive 2014/65/EU and that has a size of up to and including the threshold referred to in Article 14(2).;deleted

Or. en

Amendment 828

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Proposal for a regulation

Article 3 – paragraph 1 – point 12

Regulation (EU) No 600/2014

Article 17a – paragraph 2

Text proposed by the CommissionAmendment
2. The requirements laid down in Article 2h and in Article 15(2) shall not prevent systematic internalisers from matching orders at midpoint within the current bid and offer prices.;2. The requirements laid down in Article 2h and in Article 15(2) shall not prevent systematic internalisers from matching orders at midpoint within the current bid and offer prices, reflecting market conditions, client characteristics and inventory risk, without being subject to uniform minimum price improvement requirements relative to trading venue quotes.;

Or. en

Amendment 829

Christophe Gomart

Proposal for a regulation

Article 3 – paragraph 1 – point 12

Regulation (EU) No 600/2014

Article 17a – paragraph 2 a (new)

Text proposed by the CommissionAmendment
2a. The provisions of Article 2h shall not prevent systematic internalisers from updating a quote outside the tick size prior to execution, for the purposes of applying Article 15(2)(b).

Or. fr

Amendment 830

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 12 a (new)

Regulation (EU) No 600/2014

Article 19 a (new)

Text proposed by the CommissionAmendment
(12a) the following article is inserted: ‘Article 19a
Powers of ESMA to address unauthorized matching activities of systematic internalisers.
1. ESMA shall on an ongoing basis monitor the activities of systematic internalisers to prevent that a systematic internaliser brings together third party buying and selling interests in functionally the same way as a trading venue.
2. In order to ensure consistent application of this Article, ESMA shall develop draft regulatory technical standards to specify what types of activity or practice constitute a bringing together of third party buying and selling interests in functionally the same way as a trading venue. ESMA shall submit those draft regulatory technical standards to the Commission by 31 January 2028.
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
3. ESMA shall publish a report on its activity in accordance with paragraph 1 at least annually.’

Or. en

Amendment 831

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 12 a (new)

Regulation (EU) No 600/2014

Article 20 – paragraph 1 – subparagraph 1 a (new)

Text proposed by the CommissionAmendment
(12a) In Article 20, paragraph 1, the following subparagraph is added:
The first subparagraph shall not apply to:
(a) investment firms which, on own account or on behalf of clients, conclude transactions on a third-country trading which is subject to similar post-trade transparency requirements as EEA trading venues;
(b) non-EEA branches of EEA investment firms which conclude transactions outside a trading venue with a non-EEA counterparty and make those transactions transparent through a third-country approved publication arrangement, where the third-country regime imposes on investment firms transparency provisions that are similar to those applicable to EEA investment firms under the MiFID II/MiFIR framework.

Or. en

(02014R0600)

Amendment 832

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 12 a (new)

Regulation (EU) No 600/2014

Article 20 – paragraph 2 a (new)

Text proposed by the CommissionAmendment
(12a) Article 20 is amended as follows:
(a)The following paragraph 2a is inserted:
2a. In the case of systematic internalisers, specific post-trade transparency information shall be required to be made public and in particular, the identifier of the execution venue should be published with an appropriate time deferral.

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20251123)

Amendment 833

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 12 b (new)

Regulation (EU) No 600/2014

Article 20 – paragraph 3 – subparagraph 1 – point c a (new)

Text proposed by the CommissionAmendment
(12b) In Article 20, paragraph 3, first subparagraph, the following point c is added:
‘(c) the post-trade transparency information to be published by systematic internalisers in accordance with paragraph 2a’

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20251123)

Amendment 834

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Proposal for a regulation

Article 3 – paragraph 1 – point 12 a (new)

Regulation (EU) No 600/2014

Article 20 – paragraph 3 – subparagraph 1 – point a

Present textAmendment
(12a) In Article 20, paragraph 3, first subparagraph, point (a) is replaced by the following:
(a) identifiers for the different types of transactions published under this Article, distinguishing between those determined by factors linked primarily to the valuation of the financial instruments and those determined by other factors;(a) identifiers for the different types of transactions published under this Article, distinguishing between those determined by factors linked primarily to the valuation of the financial instruments and those determined by other factors. The regulatory technical standards shall in no case require the publication of information identifying the individual systematic internaliser, the direction of the trade, or whether the investment firm acted as buyer or seller in the transaction;

Or. en

(02014R0600-20251123)

Amendment 835

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 12 b (new)

Regulation (EU) No 600/2014

Article 20 – paragraph 2 a (new)

Text proposed by the CommissionAmendment
(12b) In article 20, the following paragraph 2a is inserted:
2a. Where the execution venue for a transaction is a systematic internaliser, the post-trade information made public under paragraph 1 shall identify that individual systematic internaliser through a unique and standardised identifier. The publication of such identifier may be delayed under a deferral regime based on principles comparable to Article 11, taking into consideration the liquidity profile and typical transaction sizes.

Or. en

Amendment 836

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 12 c (new)

Regulation (EU) No 600/2014

Article 20 – paragraph 3 a (new)

Text proposed by the CommissionAmendment
(12c) In Article 20, the following paragraph 3a is added:
3a. The Commission shall be empowered to adopt delegated acts laying down:
(a) the type and format of the identifier to be used by systematic internalisers, including whether a dedicated market identifier code or equivalent identifier should apply; and
(b) the circumstances, conditions and maximum duration of any deferral for publication of that identifier.

Or. en

Amendment 837

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 13

Regulation (EU) No 600/2014

Article 21 – paragraph 1 – subparagraph 2 – introductory part

Text proposed by the CommissionAmendment
‘The first subparagraph shall not apply to investment firms which, either on own account or on behalf of clients, conclude transactions in OTC derivatives as referred to in Article 8a(2) on a third-country trading venue that meets all the following conditions:‘The first subparagraph shall not apply to:

Or. en

Amendment 838

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 13

Regulation (EU) No 600/2014

Article 21 – paragraph 1 – subparagraph 2 – point a

Text proposed by the CommissionAmendment
(a) it operates a system or facility, in which multiple third-party buying and selling interests in financial instruments are able to interact;(a) investment firms which, on own account or on behalf of clients, conclude transactions on a third-country trading venue which is subject to similar post-trade transparency requirements as EEA trading venues;

Or. en

Amendment 839

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 13

Regulation (EU) No 600/2014

Article 21 – paragraph 1 – subparagraph 2 – point b

Text proposed by the CommissionAmendment
(b) it is subject to authorisation in accordance with the legal and supervisory framework of the third-country;(b) non-EEA branches of EEA investment firms which conclude transactions outside a trading venue with a non-EEA counterparty and make those transactions transparent through a third-country approved publication arrangement, where the third-country regime imposes on investment firms transparency provisions that are similar to those applicable to EEA investment firms under the MiFID II/MiFIR framework.

Or. en

Amendment 840

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 13

Regulation (EU) No 600/2014

Article 21 – paragraph 1 – subparagraph 2 – point c

Text proposed by the CommissionAmendment
(c) it is subject to supervision and enforcement on an ongoing basis in accordance with the legal and supervisory framework of the third-country by a competent authority that is a full signatory to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information;deleted

Or. en

Amendment 841

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 13

Regulation (EU) No 600/2014

Article 21 – paragraph 1 – subparagraph 2 – point d

Text proposed by the CommissionAmendment
(d) it has a post-trade disclosure regime in place which ensures that transactions concluded on that trading venue are published as soon as possible after the transaction was executed or, in clearly defined situations, after a deferral period;deleted

Or. en

Amendment 842

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 13

Regulation (EU) No 600/2014

Article 21 – paragraph 1 – subparagraph 2 – point e

Text proposed by the CommissionAmendment
(e) it is included in the list published by ESMA, pursuant to the third subparagraph.deleted

Or. en

Amendment 843

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 13

Regulation (EU) No 600/2014

Article 21 – paragraph 1 – subparagraph 3

Text proposed by the CommissionAmendment
ESMA shall publish and regularly update a list of third-country trading venues that fulfil the conditions laid down in points (a) to (d) of the second subparagraph.;deleted

Or. en

Amendment 844

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Proposal for a regulation

Article 3 – paragraph 1 – point 13 a (new)

Regulation (EU) No 600/2014

Article 21 – paragraph 5 – subparagraph 1 – point a

Present textAmendment
(13a) In Article 21, first subparagraph, paragraph 5, point (a) is replaced by the following:
(a) the identifiers for the different types of transactions published in accordance with this Article, distinguishing between those determined by factors linked primarily to the valuation of the financial instruments and those determined by other factors;(a) the identifiers for the different types of transactions published in accordance with this Article, distinguishing between those determined by factors linked primarily to the valuation of the financial instruments and those determined by other factors. The regulatory technical standards shall in no case require the publication of information identifying the individual systematic internaliser, the direction of the trade, or whether the investment firm acted as buyer or seller in the transaction;

Or. en

(02014R0600-20251123)

Amendment 845

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Proposal for a regulation

Article 3 – paragraph 1 – point 15

Regulation (EU) No 600/2014

Article 22a – paragraph 1

Text proposed by the CommissionAmendment
Systematic internalisers shall, with regard to shares and ETFs that are traded on a trading venue, transmit to the data centre of the CTP, as close to real time as technically possible, the data required pursuant to Article 14(1), in accordance with the requirements specified in the regulatory technical standards adopted pursuant to Article 22b(3), point (d). Those data shall be transmitted in a harmonised format, through a high-quality transmission protocol.;deleted

Or. en

Amendment 846

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq, Claire Fita

Proposal for a regulation

Article 3 – paragraph 1 – point 15 a (new)

Regulation (EU) No 600/2014

Article 22a – paragraphs 2, 3 and 4

Present textAmendment
2. An investment firm operating an SME growth market, or a market operator, whose annual trading volume of shares represents 1 % or less of the annual trading volume of shares in the Union shall not be required to transmit its data to the CTP where:"In article 22a, paragraphs 2,3 and 4 are deleted"
(a) that investment firm or market operator is not a part of a group comprising or having close links with an investment firm or a market operator whose annual trading volume of shares represents more than 1 % of the annual trading volume of shares in the Union; or
(b) the regulated market or SME growth market operated by that investment firm or market operator accounts for more than 85 % of the annual trading volume of shares that were initially admitted to trading on that regulated market or SME growth market.
3. Notwithstanding paragraph 2, an investment firm operating an SME growth market, or a market operator, which meets the conditions laid down in that paragraph may decide to transmit data to the CTP in accordance with paragraph 1, provided that it notifies ESMA and the CTP accordingly. Such an investment firm or market operator shall start transmitting data to the CTP within 30 working days of the date of the notification to ESMA.
4. ESMA shall publish on its website and keep up to date a list of investment firms operating SME growth markets and market operators that meet the conditions laid down in paragraph 2, indicating which of them have decided to apply paragraph 3.

Or. en

(02014R0600-20251123)

Amendment 847

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 15 a (new)

Regulation (EU) No 600/2014

Article 22a – paragraphs 2, 3 and 4

Present textAmendment
2. An investment firm operating an SME growth market, or a market operator, whose annual trading volume of shares represents 1 % or less of the annual trading volume of shares in the Union shall not be required to transmit its data to the CTP where:(15a) In Article 22a, paragraphs 2, 3 and 4 are deleted
(a) that investment firm or market operator is not a part of a group comprising or having close links with an investment firm or a market operator whose annual trading volume of shares represents more than 1 % of the annual trading volume of shares in the Union; or
(b) the regulated market or SME growth market operated by that investment firm or market operator accounts for more than 85 % of the annual trading volume of shares that were initially admitted to trading on that regulated market or SME growth market.
3. Notwithstanding paragraph 2, an investment firm operating an SME growth market, or a market operator, which meets the conditions laid down in that paragraph may decide to transmit data to the CTP in accordance with paragraph 1, provided that it notifies ESMA and the CTP accordingly. Such an investment firm or market operator shall start transmitting data to the CTP within 30 working days of the date of the notification to ESMA.
4. ESMA shall publish on its website and keep up to date a list of investment firms operating SME growth markets and market operators that meet the conditions laid down in paragraph 2, indicating which of them have decided to apply paragraph 3.

Or. en

(2014R0600-20251123)

Amendment 848

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner

Proposal for a regulation

Article 3 – paragraph 1 – point 15

Regulation (EU) No 600/2014

Article 22a – paragraph 6 a (new)

Text proposed by the CommissionAmendment
6a. Data contributors shall not receive any remuneration, other than the revenue received pursuant to Article 27h(5), (6) and (7), for the use by the CTP or by users of the CT of core market data, and regulatory data, for commercial and non-commercial purposes.
For the purposes of this paragraph, core market data and regulatory data shall include historical data which relates to a period prior to the previous business day which is archived and stored by the CTP.

Or. en

Amendment 849

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Proposal for a regulation

Article 3 – paragraph 1 – point 16

Regulation (EU) No 600/2014

Article 22b – paragraph 1

Text proposed by the CommissionAmendment
1. The data transmitted to the CTP pursuant to Article 22a(1) and the data disseminated by the CTP pursuant to Article 27h(1), point (d), shall comply with the regulatory technical standards adopted pursuant to Article 4(6), point (a), Article 7(2), point (a), Article 11(4), point (a), Article 11a(3), point (a), and Article 14(7), unless provided otherwise in the regulatory technical standards adopted pursuant to paragraph 3, points (b) and (d), of this Article.;1. The data disseminated by the CTP pursuant to Article 27h(1), point (d), shall comply with the regulatory technical standards adopted pursuant to Article 4(6), point (a), Article 7(2), point (a), Article 11(4), point (a), Article 11a(3), point (a), and Article 14(7), unless provided otherwise in the regulatory technical standards adopted pursuant to paragraph 3, points (b) and (d), of this Article.;

Or. en

Amendment 850

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 16 a (new)

Regulation (EU) No 600/2014

Article 23 – paragraph 1

Present textAmendment
(16a) In article 23, paragraph 1 is amended as follows:
1. An investment firm shall ensure that the trades it undertakes in shares which have a European Economic Area (EEA) International Securities Identification Number (ISIN), and which are traded on a trading venue, take place on a regulated market, an MTF, a systematic internaliser or a third-country trading venue assessed as equivalent in accordance with Article 25(4), point (a), of Directive 2014/65/EU, as appropriate, unless:1. An investment firm shall ensure that the trades it undertakes in shares which have a European Economic Area (EEA) International Securities Identification Number (ISIN), and which are traded on a trading venue, take place on a regulated market, an MTF, a systematic internaliser, provided that the systematic internaliser operates strictly on a bilateral basis and does not function, in practice, as a mechanism enabling repeated or coordinated interaction between multiple trading interests akin to a multilateral system, or on or a third-country trading venue assessed as equivalent in accordance with Article 25(4), point (a), of Directive 2014/65/EU, as appropriate, unless:
(a) those shares are traded on a third-country venue in the local currency or in a non-EEA currency; or(a) those shares are traded on a third-country venue in the local currency or in a non-EEA currency; or
(b) those trades are carried out between eligible counterparties, between professional counterparties or between eligible and professional counterparties and do not contribute to the price discovery process.(b) those trades are carried out between eligible counterparties, between professional counterparties or between eligible and professional counterparties and do not contribute to the price discovery process, and provided that such transactions are, in nature and frequency, genuinely occasional and do not arise from organised or recurring trading arrangements.
When executing orders in shares covered by this Article, investment firms shall give due consideration to execution on Union trading venues or systematic internalisers and shall favour such venues where they offer conditions that are at least as favourable in terms of price, costs, speed and likelihood of execution.
By way of derogation from the first subparagraph, transactions in shares of a size below the standard market size, as determined for the relevant financial instrument in accordance with the methodology laid down in Commission Delegated Regulation (EU) 2017/587, shall be executed exclusively on a regulated market or a multilateral trading facility.

Or. en

(02014R0600-20251123)

Amendment 851

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 3 – paragraph 1 – point 16 a (new)

Regulation (EU) No 600/2014

Article 23 – paragraph 1 – introductory part

Present textAmendment
(16a) In Article 23, paragraph 1, the introductory part is amended as follows:
1. An investment firm shall ensure that the trades it undertakes in shares which have a European Economic Area (EEA) International Securities Identification Number (ISIN), and which are traded on a trading venue, take place on a regulated market, an MTF, a systematic internaliser or a third-country trading venue assessed as equivalent in accordance with Article 25(4), point (a), of Directive 2014/65/EU, as appropriate, unless:"1. An investment firm shall ensure that the trades it undertakes in shares which have a European Economic Area (EEA) International Securities Identification Number (ISIN), and which are traded on a trading venue, take place on a regulated market, an MTF, a systematic internaliser provided that such systematic internaliser operates exclusively on a bilateral basis and does not permit interactions between multiple third-party buying and selling interests, or on or a third-country trading venue assessed as equivalent in accordance with Article 25(4), point (a), of Directive 2014/65/EU, as appropriate, unless:

Or. en

(02014R0600-20251123)

Amendment 852

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 17 a (new)

Regulation (EU) No 600/2014

Article 23 b (new)

Text proposed by the CommissionAmendment
(17a) the following article 23b is inserted:
Article 23b
Conditions for third-country venues and sytematic internalisers
1. Investment firms shall be able, upon request, to substantiate that their use of execution venues outside the EEA results in execution outcomes that are materially improving on those available on EEA venues.
2. ESMA shall keep under review the use of third-country execution venues and may issue recommendations where patterns of use raise concerns regarding regulatory consistency or market integrity.

Or. en

Amendment 853

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 17 b (new)

Regulation (EU) No 600/2014

Article 23 c (new)

Text proposed by the CommissionAmendment
(17b) The following article 23c is inserted:
Article 23c
Transparency on execution outside the Union
1. Investment firms shall disclose annually, in a harmonised format:
(a) the distribution of their trading activity across Union trading venues, Union systematic internalisers, and third-country execution venues; and
(b) key indicators reflecting the quality of execution achieved within each category.
2. ESMA shall specify, through regulatory technical standards, the content, format and comparability of such disclosures.

Or. en

Amendment 854

Katri Kulmuni

Proposal for a regulation

Article 3 – paragraph 1 – point 19 – point a – point iii a (new)

Regulation (EU) No 600/2014

Article 26 – paragraph 1 – subparagraph 2 – points d a and d b (new)

Text proposed by the CommissionAmendment
(iiia) in the second subparagraph, the following points are added:
(da) the competent authority designated in accordance with Article 22 of Regulation (EU) No 596/2014 responsible for the supervision of issuers and market participants in its territory; and
(db) the competent authority of the Member State corresponding to
(i) the nationality of the client on whose behalf the transaction was executed, where that client is a natural person; or
(ii) the Member State where the client is registered, where that client is a legal person.

Or. en

Justification

Ensuring reliable price formation in stock markets and protecting investors from harmful products and trading circumstances are key objectives of attractive and effective European capital markets. As the supervision of largest trading venues moves to ESMA, fluent cooperation and information sharing between trading venue, market abuse and investment firm supervisors is required to prevent unintended weakening of the market abuse supervision and investor protection. This can be done through a simple addition improving the national supervisors’ access to trade reports (transaction reports) concerning 1) local issuers 2) persons registered in the country.

Amendment 855

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 19 – point a – point iii a (new)

Regulation (EU) No 600/2014

Article 26 – paragraph 1 – subparagraph 2 – points d a and d b (new)

Text proposed by the CommissionAmendment
(iiia) In the second subparagraph, the following points are added:
(da) the competent authority designated in accordance with Article 22 of Regulation (EU) No 596/2014 responsible for the supervision of issuers and market participants in its territory; and
(db) the competent authority of the Member State corresponding to
(i) the nationality of the client on whose behalf the transaction was executed, where that client is a natural person; or
(ii) the Member State where the client is registered, where that client is a legal person

Or. en

Amendment 856

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq, Claire Fita

Proposal for a regulation

Article 3 – paragraph 1 – point 19 – point a – point iii a (new)

Regulation (EU) No 600/2014

Article 26 – paragraph 1 – subparagraph 2 – points d a and d b (new)

Text proposed by the CommissionAmendment
(iiia) In the second subparagraph, the following points are added:
(da) the competent authority designated in accordance with Article 22 of Regulation (EU) No 596/2014 responsible for the supervision of issuers and market participants in its territory; and
(db) the competent authority of the Member State corresponding to:
(i) the nationality of the client on whose behalf the transaction was executed, where that client is a natural person; or
(ii) the Member State where the client is registered, where that client is a legal person.

Or. en

Amendment 857

Jussi Saramo

Proposal for a regulation

Article 3 – paragraph 1 – point 19 – point a – point iii a (new)

Regulation (EU) No 600/2014

Article 26 – paragraph 1 – subparagraph 2 – point d a (new)

Text proposed by the CommissionAmendment
(iiia) in the second subparagraph, the following point is added:
‘(da) the competent authority designated in accordance with Article 22 of Regulation (EU) No 596/2014 responsible for the supervision of issuers and market participants in its territory.’;

Or. en

Justification

This is needed to ensure that authorities responsible for investor protection and market abuse supervision have access to necessary information.

Amendment 858

Jussi Saramo

Proposal for a regulation

Article 3 – paragraph 1 – point 19 – point a – point iii b (new)

Regulation (EU) No 600/2014

Article 26 – paragraph 1 – subparagraph 2 – point d b (new)

Text proposed by the CommissionAmendment
(iiib) in the second subparagraph, the following point is added:
‘(db) the competent authority of the Member State corresponding to the nationality of the client on whose behalf the transaction was executed, where that client is a natural person, or the Member State where the client is registered, where that client is a legal person.’;

Or. en

Justification

This is needed to ensure that authorities responsible for investor protection and market abuse supervision have access to necessary information.

Amendment 859

Anouk Van Brug

Proposal for a regulation

Article 3 – paragraph 1 – point 19 – point a a (new)

Regulation (EU) No 600/2014

Article 26 – paragraph 2

Present textAmendment
(aa) paragraph 2 is replaced by the following:
2. The obligation laid down in paragraph 1 shall apply to:‘2. The obligation laid down in paragraph 1 shall apply to:
(a) financial instruments which are admitted to trading or traded on a trading venue or for which a request for admission to trading has been made, irrespective of whether such transactions are carried out on the trading venue, with the exception of transactions in OTC derivatives other than those referred in Article 8a(2), to which the obligation shall apply only when carried out on a trading venue;(a) financial instruments which are admitted to trading or traded on a trading venue or for which a request for admission to trading has been made, irrespective of whether such transactions are carried out on the trading venue, with the exception of transactions in OTC derivatives other than those referred in Article 8a(2), to which the obligation shall apply only when carried out on a trading venue;
(b) financial instruments where the underlying is a financial instrument that is traded on a trading venue, irrespective of whether such transactions are carried out on the trading venue;(b) financial instruments where the underlying is a financial instrument that is traded on a trading venue, irrespective of whether such transactions are carried out on the trading venue;
(c) financial instruments where the underlying is an index or a basket composed of financial instruments that are traded on a trading venue, irrespective of whether such transactions are carried out on the trading venue;(c) financial instruments where the underlying is an index or a basket composed of financial instruments that are traded on a trading venue, irrespective of whether such transactions are carried out on the trading venue;
(d) OTC derivatives as referred to in Article 8a(2), irrespective of whether such transactions are carried out on the trading venue;(d) OTC derivatives as referred to in Article 8a(2), irrespective of whether such transactions are carried out on the trading venue;
(e) transactions which were executed on trading venues established in the Union.
The obligation shall not apply to transactions executed by third-country branches of investment firms established in the Union.’;

Or. en

(02014R0600-20251123)

Justification

This amendment removes duplicative reporting requirements, these transactions are already reported to local regulators.

Amendment 860

Janusz Lewandowski

Proposal for a regulation

Article 3 – paragraph 1 – point 19 – point b

Regulation (EU) No 600/2014

Article 26 – paragraph 5

Text proposed by the CommissionAmendment
5. The operator of a trading venue shall report to its competent authority or, where ESMA is the competent authority, to its national surveillance authority details of transactions in financial instruments traded on its platform which are executed through its systems by any member, participant or user not subject to this Regulation in accordance with paragraphs 1 and 3.;5. The operator of a trading venue shall report to its competent authority or, where ESMA is the competent authority, to its national surveillance authority details of transactions in financial instruments traded on its platform which are executed through its systems by any member, participant or user not subject to this Regulation in accordance with paragraphs 1 and 3. Where a trading venue operator reports transactions on behalf of firms pursuant to this paragraph, it may submit the information referred to in paragraphs 1 to 3 through an ARM.

Or. en

Justification

The amendment should explicitly allow trading venue operators to submit transaction reports through an Approved Reporting Mechanism (ARM) where they assume the reporting obligation under Article 26(5) MiFIR. This would remove existing legal uncertainty, promote consistent supervisory practices across Member States, and reduce operational burdens by enabling the use of reporting infrastructures already recognised under MiFIR

Amendment 861

Markus Ferber

Proposal for a regulation

Article 3 – paragraph 1 – point 19 a (new)

Regulation (EU) No 600/2014

Article 26 a (new)

Text proposed by the CommissionAmendment
(19a) The following Article is inserted:
'Article 26a
Report-once principle
1. Where the details of a transaction are reportable under Article 26(1) of this Regulation and under Article 9(1) of Regulation (EU) No 648/2012 or Article 4(1) of Regulation (EU) 2015/2365, or under more than one of those provisions, those details shall be reported once, in accordance with the integrated template referred to in paragraph 4, through a reporting channel referred to in paragraph 2.
A report submitted in accordance with the first subparagraph shall discharge the corresponding reporting obligations under each of the provisions referred to in that subparagraph.
2. Reports referred to in paragraph 1 may be submitted through any of the following: (a) an ARM authorised in accordance with this Regulation; (b) a trade repository registered or recognised in accordance with Regulation (EU) No 648/2012 or Regulation (EU) 2015/2365, which shall for that purpose be deemed to be authorised as an ARM; (c) the trading venue through whose systems the transaction was concluded.
3. Where more than one party to a transaction is subject to a reporting obligation, the submission of the report by the entity designated in accordance with paragraph 4, point (b), shall discharge the reporting obligation of all parties to that transaction. Each party shall remain responsible for the accuracy and completeness of the details it provides.
4. ESMA shall develop draft regulatory technical standards specifying:
(a) an integrated template covering the details reportable under the provisions referred to in paragraph 1, including harmonised data standards, formats and validation processes;
(b) the criteria for designating the single entity responsible for submitting the report, on the basis of which entity is best placed to ensure timely, accurate and complete reporting, having regard to the nature of the parties and of the transaction, and taking into account internationally agreed standards;
(c) the authority responsible for receiving, processing, storing and analysing the reported details.
ESMA shall submit those draft regulatory technical standards to the Commission by [18 months after the date of entry into force of this Regulation].
Power is delegated to the Commission to adopt them in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
5. Union and national public authorities exercising a supervisory, resolution, macroprudential or market-integrity mandate under Union law shall, to the extent necessary for the fulfilment of that mandate, have direct and immediate access to the details reported under paragraph 1.
ESMA shall maintain and publish a register of the authorities granted access and shall regularly publish aggregated data derived from the reported details in an easily accessible form.'

Or. en

Justification

Transactions reportable under MiFIR, EMIR and SFTR are today reported separately under diverging rules, creating duplicative costs that ESMA's review of transaction reporting identifies as the framework's primary burden. This amendment establishes a single report-once principle: one submission through one channel discharges all parallel obligations. Technical detail is delegated to ESMA, keeping Level 1 principle-based and adaptable. Access rights follow mandate, not enumeration.

Amendment 862

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 20 a (new)

Regulation (EU) No 600/2014

Article 27da – paragraphs 1 and 2

Text proposed by the CommissionAmendment
(20a) Article 27da is amended as follows:
(a) In paragraph 1, first subparagraph, the following point is added:
(ca) Exchange-traded derivatives ‘
(b) in paragraph 2 point (c) the following point is added:
(iiia). Exchange-traded derivatives

Or. en

(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014R0600-20251123)

Amendment 863

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq, Claire Fita

Proposal for a regulation

Article 3 – paragraph 1 – point 20 a (new)

Regulation (EU) No 600/2014

Article 27da – paragraph 1 – subparagraph 1 – point c

Present textAmendment
(20a) Article 27 da, paragraph 1, first subparagraph, point c is replaced by the following:
(c) OTC derivatives or relevant subclasses of OTC derivative"(c) OTC derivatives or relevant subclasses of OTC derivative and exchange traded derivatives."

Or. en

(02014R0600-20251123)

Amendment 864

Regina Doherty

Proposal for a regulation

Article 3 – paragraph 1 – point 21 a (new)

Regulation (EU) No 600/2014

Article 27h – paragraph 1 – subparagraph 1 – points d and e

Present textAmendment
(21a) In Article 27h, paragraph 1, points (d) and (e) are replaced with the following:
(d) disseminate core market data and regulatory data to users as a continuous electronic live data stream on non-discriminatory terms as close to real time as technically possible;(d) disseminate core market data and regulatory data to users as a continuous electronic live data stream and as historic data feed on non-discriminatory terms as close to real time as technically possible;
(e) ensure that the core market data and regulatory data are easily accessible, machine-readable and usable for all users, including retail investors;(e) ensure that the core market data and regulatory data are easily accessible, machine-readable and usable for all purposes, including but not limited to derived data, for all users, including

Or. en

(02014R0600-20251123)

Amendment 865

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq, Claire Fita

Proposal for a regulation

Article 3 – paragraph 1 – point 21 a (new)

Regulation (EU) No 600/2014

Article 27h – paragraph 1 – subparagraph 1 – point d

Present textAmendment
(21a) In Article 27h, paragraph 1, point d is replaced by the following:
(d) disseminate core market data and regulatory data to users as a continuous electronic live data stream on non-discriminatory terms as close to real time as technically possible;"(d) disseminate core market data and regulatory data to users as a continuous electronic live data stream and as a historic data feed on non-discriminatory terms as close to real time as technically possible;"

Or. en

(02014R0600-20251123)

Amendment 866

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq

Proposal for a regulation

Article 3 – paragraph 1 – point 21 b (new)

Regulation (EU) No 600/2014

Article 27h – paragraph 1 – subparagraph 1 – point e

Present textAmendment
(21b) In article 27h, paragraph 1, point d is replaced by the following
(e) ensure that the core market data and regulatory data are easily accessible, machine-readable and usable for all users, including retail investors;"(e) ensure that the core market data and regulatory data are easily accessible, machine-readable and usable for all purposes, including but not limited to derived data, for all users, including retail investors;"

Or. en

(02014R0600-20251123)

Amendment 867

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq

Proposal for a regulation

Article 3 – paragraph 1 – point 21 c (new)

Regulation (EU) No 600/2014

Article 27h – paragraph 1 – subparagraph 1 – point g a (new)

Text proposed by the CommissionAmendment
(21c) In article 27h, paragraph 1, the following point is added:
(ga) maintain and disseminate, on a non-discriminatory and open-access basis, a representative European equity Capital Markets Union index family designed to enhance the visibility of issuers, including SMEs, across all Member States. The provision of this index shall be considered a public-interest function aimed at promoting cross-border investment and the integration of Union capital markets. The index family shall ensure geographic coverage across the Union, particularly for markets with lower liquidity;

Or. en

Amendment 868

Gaetano Pedulla'

Proposal for a regulation

Article 3 – paragraph 1 – point 21 a (new)

Regulation (EU) No 600/2014

Article 27h – paragraph 5 a (new)

Text proposed by the CommissionAmendment
(15a) in Article 27h, the following paragraph is added:
‘5a. The CTP shall ensure that core market data is made available to retail investors and small professional investors free of charge or at a regulated low-cost rate, with a delay not exceeding 15 minutes. Trading venues and systematic internalisers shall be prohibited from employing proprietary licensing models or data-access fees that have the effect of undercutting the utility or the commercial viability of the consolidated tape for those categories of investors.’;

Or. en

Justification

This amendment requires the Consolidated Tape Provider to ensure retail and small professional investors can access core market data free of charge or at regulated low-cost rates. By establishing a maximum 15-minute delay for this access, the provision technically addresses information asymmetries while maintaining the functional distinction between public interest data and real-time commercial feeds. Furthermore, it prohibits trading venues and systematic internalisers from utilizing proprietary licensing models or fee structures that would functionally undercut the commercial viability or utility of the consolidated tape for these users. This mechanism standardizes data access conditions to ensure the consolidated tape remains a reliable and affordable source of market transparency for non-institutional actors.

Amendment 869

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 23 a (new)

Regulation (EU) No 600/2014

Article 33 – paragraph 2 – subparagraph 1 – point c a (new)

Text proposed by the CommissionAmendment
(23a) In article 33, paragraph 2, first subparagraph, the following point is added:
(ca) provide for a mandatory and reliable mechanism ensuring that the European Securities and Markets Authority (ESMA) receives, on an ongoing basis, complete transaction-level data for all financial instruments with a European Union ISIN that are traded in that third country. The purpose of this data provision is to enable ESMA to monitor threats to the Union's market integrity, to analyse fragmentation of liquidity, and to provide EU authorities with a comprehensive picture of the market for securities issued within the Union.

Or. en

Amendment 870

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq

Proposal for a regulation

Article 3 – paragraph 1 – point 24

Regulation (EU) No 600/2014

Article 34(a) – paragraph 1 – subparagraph 2

Text proposed by the CommissionAmendment
ESMA may develop draft regulatory technical standards to specify the content of position management controls, thereby taking into account the characteristics of the trading venues concerned.ESMA shall develop draft regulatory technical standards to specify the content of position management controls, thereby taking into account the characteristics of the trading venues concerned.

Or. en

Amendment 871

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 24

Regulation (EU) No 600/2014

Article 34a – paragraph 3 – subparagraph 1

Text proposed by the CommissionAmendment
The investment firm or market operator operating the trading venue shall inform its competent authority of the details of position management controls.The investment firm or market operator operating the trading venue shall:
a) make public a weekly report with the aggregate positions held by the different categories of position holders for the different financial instruments traded on their platforms specifying the number of long and short positions by category of position holder, changes thereto since the previous report, the percentage of the total open interest represented by each category and the number of position holders in each category;
b) provide the competent authority with a complete breakdown of the positions of all market participants, including any positions held on behalf of their clients on a daily basis
c) make public the general policy of position management controls,
d) inform the competent authority of the details of position management controls, including the measures adopted towards specific market participants.

Or. en

Amendment 872

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq

Proposal for a regulation

Article 3 – paragraph 1 – point 24

Regulation (EU) No 600/2014

Article 34b – paragraph 3 – subparagraph 2

Text proposed by the CommissionAmendment
ESMA may develop draft implementing technical standards to determine the format of the reports referred to in paragraph 1, point (a).ESMA shall develop draft implementing technical standards to determine the format of the reports referred to in paragraph 1, point (a).

Or. en

Amendment 873

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq

Proposal for a regulation

Article 3 – paragraph 1 – point 24

Regulation (EU) No 600/2014

Article 34b – paragraph 5 – subparagraph 1

Text proposed by the CommissionAmendment
ESMA may develop draft implementing technical standards to specify the measures to require all reports referred to in paragraph 1, point (a), to be sent to ESMA at a specified weekly time, for their centralised publication by the latter.ESMA shall develop draft implementing technical standards to specify the measures to require all reports referred to in paragraph 1, point (a), to be sent to ESMA at a specified weekly time, for their centralised publication by the latter.

Or. en

Amendment 874

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 26

Regulation (EU) No 600/2014

Article 34c – paragraph 1

Text proposed by the CommissionAmendment
Market operators and investment firms operating a trading venue shall offer all their members or participants the right to designate any CSD established in the Union for the settlement of transactions in financial instruments undertaken on that trading venue.;Market operators and investment firms operating a trading venue shall offer all their members or participants the right to choose any CSD established in the Union other than the one designated by the market operators or investment firms itself for the settlement of transactions in financial instruments undertaken on that trading venue provided that the CSD chosen by the trading member has been granted access pursuant to Article 53 of Regulation (EU 909/2014.
ESMA shall develop draft regulatory technical standards to specify the minimum operational standards and procedure to enable the choice of the CSD by trading members and information to be reported on the status of the requests or access. ESMA shall submit those draft regulatory technical standards to the Commission by 9 months after the entry into force of this Regulation.;

Or. en

Amendment 875

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 26

Regulation (EU) No 600/2014

Article 34c – paragraph 1

Text proposed by the CommissionAmendment
Market operators and investment firms operating a trading venue shall offer all their members or participants the right to designate any CSD established in the Union for the settlement of transactions in financial instruments undertaken on that trading venue.;Market operators and investment firms operating a trading venue shall offer all their members or participants the right to designate any CSD established in the Union other than the one designated by the market operators or investment firms itself for the settlement of transactions in financial instruments undertaken on that trading venue, provided that the CSD chosen by the trading member has been granted access pursuant to Article 53 of Regulation (EU) No 909/2014.

Or. en

Amendment 876

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 35 – paragraph 1 – subparagraph 1

Text proposed by the CommissionAmendment
1. Without prejudice to Article 7 of Regulation (EU) No 648/2012, a CCP shall accept to clear financial instruments on a non-discriminatory and transparent basis, including as regards collateral requirements and initial connectivity and access fees, regardless of the trading venue on which a transaction is executed.1. Without prejudice to Article 7 of Regulation (EU) No 648/2012, a CCP shall accept to clear financial instruments on a non-discriminatory and transparent basis, including as regards collateral requirements and a one-time, reasonable, cost recovery initial connectivity fee, regardless of the trading venue on which a transaction is executed.

Or. en

Amendment 877

Dirk Gotink

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 35 – paragraph 1 – subparagraph 1 a (new)

Text proposed by the CommissionAmendment
If a CCP provides clearing services for a trading venue that has obtained access to another CCP in respect of transferable securities, each of these CCPs shall maintain interoperable arrangements with each other.

Or. en

Amendment 878

Johan Van Overtveldt, Giovanni Crosetto

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 35 – paragraph 1 – subparagraph 1

Text proposed by the CommissionAmendment
1. Without prejudice to Article 7 of Regulation (EU) No 648/2012, a CCP shall accept to clear financial instruments on a non-discriminatory and transparent basis, including as regards collateral requirements and initial connectivity and access fees, regardless of the trading venue on which a transaction is executed.1. Without prejudice to Article 7 of Regulation (EU) No 648/2012, a CCP shall accept to clear financial instruments on a non-discriminatory and transparent basis, including as regards collateral requirements and a one-time, reasonable, cost recovery initial connectivity fee, regardless of the trading venue on which a transaction is executed.

Or. en

Justification

Access fees can be a barrier to open access, in particular if fees are ongoing. CCPs should only be permitted to charge a one-time, reasonable, cost recovery initial connectivity fee.

Amendment 879

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 35 – paragraph 1– subparagraph 1 a (new)

Text proposed by the CommissionAmendment
If any CCP provides clearing services for a trading venue that obtains or has obtained access to another CCP under this Article in respect of transferable securities as set out in Article 4(1)(44) of Directive (EU) No 2014/65, each of these CCPs shall, without undue delay, establish and maintain interoperable arrangements as set out in Title V of Regulation (EU) No 648/2012 with each other to the extent such interoperable arrangements are not already in place. The relevant trading venue shall take all necessary operational and technical measures to facilitate and enable such interoperable arrangements.

Or. en

Amendment 880

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 35 – paragraph 1 – subparagraph 1 a (new)

Text proposed by the CommissionAmendment
If any CCP provides clearing services for a trading venue that obtains or has obtained access to another CCP under this Article in respect of transferable securities as set out in Article 4(1), point (44) of Directive 2014/65/EU, each of those CCPs shall, without undue delay, establish and maintain interoperable arrangements as set out in Title V of Regulation (EU) No 648/2012 with each other, to the extent such interoperable arrangements are not already in place. The relevant trading venue shall take all necessary operational and technical measures to facilitate and enable such interoperable arrangements.

Or. en

Amendment 881

Kinga Kollár

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 35 – paragraph 1 – subparagraph 1 a (new)

Text proposed by the CommissionAmendment
If any CCP provides clearing services for a trading venue that obtains or has obtained access to another CCP under this Article in respect of transferable securities as set out in Article 4(1)(44) of Directive (EU) No 2014/65, each of these CCPs shall, without undue delay, establish and maintain interoperable arrangements as set out in Title V of Regulation (EU) No 648/2012 with each other to the extent such interoperable arrangements are not already in place. The relevant trading venue shall take all necessary operational and technical measures to facilitate and enable such interoperable arrangements.

Or. en

Amendment 882

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 35 – paragraph 1 – subparagraph 1 a (new)

Text proposed by the CommissionAmendment
If any CCP provides clearing services for a trading venue that obtains or has obtained access to another CCP under this Article in respect of transferable securities as set out in Article 4(1)(44) of Directive (EU) No 2014/65, each of these CCPs shall establish and maintain interoperable arrangements as set out in Title V of Regulation (EU) No 648/2012 with each other. The relevant trading venue shall take all necessary operational and technical measures to facilitate and enable such interoperable arrangements.

Or. en

Amendment 883

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 35 – paragraph 1 – subparagraph 1 a (new)

Text proposed by the CommissionAmendment
If a CCP that qualifies as significant pursuant to Article 22a of Regulation (EU) 648/2012 provides clearing services for a trading venue that obtains or has obtained access under this Article to another CCP that qualifies as significant pursuant to Article 22a of Regulation (EU) 648/2012 in respect of transferable securities as set out in Article 4(1)(44) of Directive (EU) No 2014/65, each of these CCPs shall, without undue delay, establish and maintain interoperable arrangements as set out in Title V of Regulation (EU) No 648/2012 with each other to the extent such interoperable arrangements are not already in place. The relevant trading venue shall take all necessary operational and technical measures to facilitate and enable such interoperable arrangements.

Or. en

Amendment 884

Regina Doherty

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 35 – paragraph 1 – subparagraph 2

Text proposed by the CommissionAmendment
The requirement in the first subparagraph shall not apply to exchange-traded derivatives.deleted

Or. en

Amendment 885

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 35 – paragraph 1 – subparagraph 2

Text proposed by the CommissionAmendment
The requirement in the first subparagraph shall not apply to exchange-traded derivatives.deleted

Or. en

Amendment 886

Irene Tinagli

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 35 – paragraph 1 a (new)

Text proposed by the CommissionAmendment
1a. Where a trading venue obtains access to a central counterparty pursuant to paragraph 1 in respect of transferable securities as referred to in Article 4(1), point (44), of Directive 2014/65/EU, each central counterparty providing clearing services to that trading venue shall, without undue delay, establish and maintain interoperable arrangements with the central counterparty to which access has been granted, in accordance with Title V of Regulation (EU) No 648/2012, unless such interoperable arrangements are already in place. The trading venue concerned shall take all necessary operational and technical measures to facilitate the establishment and maintenance of those interoperable arrangements.

Or. en

Amendment 887

Johan Van Overtveldt, Giovanni Crosetto

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 35 – paragraph 4 – subparagraph 2

Text proposed by the CommissionAmendment
Where the CCP fails to provide a written response to the trading venue within the time limit referred to in paragraph 3, ESMA may notify the CCP and request additional information from the CCP. Where there is no indication that the conditions for denial of request as laid down in the delegated act adopted pursuant to paragraph 6 of Article 36 are met, ESMA may issue a decision requiring that CCP to grant access to its services within one month of the notification of the decision.Where the CCP fails to provide a written response to the trading venue within the time limit referred to in paragraph 3, ESMA may notify the CCP and request additional information from the CCP. Where there is no indication that the conditions for denial of request as laid down in the delegated act adopted pursuant to paragraph 6 of Article 36 are met, ESMA shall issue a decision requiring that CCP to grant access to its services within one month of the notification of the decision.

Or. en

Justification

ESMA discretion should not be permitted where there is no indication that the conditions for denial are met. In this case, ESMA must issue a decision.

Amendment 888

Regina Doherty

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 1 – introductory part

Text proposed by the CommissionAmendment
1. Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall, upon request, provide trade feeds on a non-discriminatory and transparent basis, including as regards initial connectivity and access fees, to any CCP authorised or recognised pursuant to that Regulation that wishes to clear transactions in financial instruments that are concluded on that trading venue. That requirement shall not apply to:1. Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall, upon request, provide trade feeds on a non-discriminatory and transparent basis, including as regards to a one-time, reasonable, cost recovery initial connectivity fees, to any CCP authorised or recognised pursuant to that Regulation that wishes to clear transactions in financial instruments that are concluded on that trading venue.
If a CCP that qualifies as significant pursuant to Article 22a of Regulation (EU) 648/2012 provides clearing services for a trading venue that grants or has granted access under this Article to another CCP that qualifies as significant pursuant to Article 22a of Regulation (EU) 648/2012 in respect of transferable securities as set out in Article 4(1)(44) of Directive (EU) No 2014/65, each of these CCPs shall, without undue delay, establish and maintain interoperable arrangements as set out in Title V of Regulation (EU) No 648/2012 with each other to the extent such interoperable arrangements are not already in place. The relevant trading venue shall take all necessary operational and technical measures to facilitate and enable such interoperable arrangements.
That requirement shall not apply to:

Or. en

Amendment 889

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 1 – introductory part

Text proposed by the CommissionAmendment
1. Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall, upon request, provide trade feeds on a non-discriminatory and transparent basis, including as regards initial connectivity and access fees, to any CCP authorised or recognised pursuant to that Regulation that wishes to clear transactions in financial instruments that are concluded on that trading venue. That requirement shall not apply to:1. Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall, upon request, provide trade feeds on a non-discriminatory and transparent basis, including as regards initial connectivity and access fees, to any CCP authorised or recognised pursuant to that Regulation that wishes to clear transactions in financial instruments that are concluded on that trading venue.
If any CCP provides clearing services for a trading venue that grants or has granted access to another CCP under this Article in respect of transferable securities as set out in Article 4(1), point (44) of Directive 2014/65/EU, each of those CCPs shall, without undue delay, establish and maintain interoperable arrangements as set out in Title V of Regulation (EU) No 648/2012 with each other, to the extent such interoperable arrangements are not already in place. The relevant trading venue shall take all necessary operational and technical measures to facilitate and enable such interoperable arrangements.
That requirement shall not apply to:

Or. en

Amendment 890

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 1 – introductory part

Text proposed by the CommissionAmendment
1. Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall, upon request, provide trade feeds on a non-discriminatory and transparent basis, including as regards initial connectivity and access fees, to any CCP authorised or recognised pursuant to that Regulation that wishes to clear transactions in financial instruments that are concluded on that trading venue. That requirement shall not apply to:1. Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall, upon request, provide trade feeds on a non-discriminatory and transparent basis, including as regards initial connectivity and access fees, to any CCP authorised or recognised pursuant to that Regulation that wishes to clear transactions in financial instruments that are concluded on that trading venue.
If any CCP provides clearing services for a trading venue that grants or has granted access to another CCP under this Article in respect of transferable securities as set out in Article 4(1)(44) of Directive (EU) No 2014/65, each of these CCPs shall establish and maintain interoperable arrangements as set out in Title V of Regulation (EU) No 648/2012 with each other to the extent such interoperable arrangements are not already in place. The relevant trading venue shall take all necessary operational and technical measures to facilitate and enable such interoperable arrangements.
That requirement shall not apply to:

Or. en

Amendment 891

Kinga Kollár

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 1 – introductory part

Text proposed by the CommissionAmendment
1. Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall, upon request, provide trade feeds on a non-discriminatory and transparent basis, including as regards initial connectivity and access fees, to any CCP authorised or recognised pursuant to that Regulation that wishes to clear transactions in financial instruments that are concluded on that trading venue. That requirement shall not apply to:1. Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall, upon request, provide trade feeds on a non-discriminatory and transparent basis, including as regards initial connectivity and access fees, to any CCP authorised or recognised pursuant to that Regulation that wishes to clear transactions in financial instruments that are concluded on that trading venue. If any CCP provides clearing services for a trading venue that grants or has granted access to another CCP under this Article in respect of transferable securities as set out in Article 4(1)(44) of Directive (EU) No 2014/65, each of these CCPs shall, without undue delay, establish and maintain interoperable arrangements as set out in Title V of Regulation (EU) No 648/2012 with each other to the extent such interoperable arrangements are not already in place. The relevant trading venue shall take all necessary operational and technical measures to facilitate and enable such interoperable arrangements. That requirement shall not apply to:

Or. en

Amendment 892

Dirk Gotink

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 1 – introductory part

Text proposed by the CommissionAmendment
1. Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall, upon request, provide trade feeds on a non-discriminatory and transparent basis, including as regards initial connectivity and access fees, to any CCP authorised or recognised pursuant to that Regulation that wishes to clear transactions in financial instruments that are concluded on that trading venue. That requirement shall not apply to:1. Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall, upon request, provide trade feeds on a non-discriminatory and transparent basis, including as regards initial connectivity and access fees, to any CCP authorised or recognised pursuant to that Regulation that wishes to clear transactions in financial instruments that are concluded on that trading venue.
If a CCP provides clearing services for a trading venue that grants access to another CCP in respect of transferable securities, each of these CCPs shall maintain interoperable arrangements with each other.
That requirement shall not apply to:

Or. en

Amendment 893

Johan Van Overtveldt, Giovanni Crosetto

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 1 – introductory part

Text proposed by the CommissionAmendment
1. Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall, upon request, provide trade feeds on a non-discriminatory and transparent basis, including as regards initial connectivity and access fees, to any CCP authorised or recognised pursuant to that Regulation that wishes to clear transactions in financial instruments that are concluded on that trading venue. That requirement shall not apply to:1. Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall, upon request, provide trade feeds on a non-discriminatory and transparent basis, including as regards to a one-time, reasonable, cost recovery initial connectivity fee, to any CCP authorised or recognised pursuant to that Regulation that wishes to clear transactions in financial instruments that are concluded on that trading venue. That requirement shall not apply to:

Or. en

Justification

Access fees can be a barrier to open access, in particular if fees are ongoing. Trading venues should only be permitted to charge a one-time, reasonable, cost recovery initial connectivity fee.

Amendment 894

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 1 – introductory part

Text proposed by the CommissionAmendment
1. Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall, upon request, provide trade feeds on a non-discriminatory and transparent basis, including as regards initial connectivity and access fees, to any CCP authorised or recognised pursuant to that Regulation that wishes to clear transactions in financial instruments that are concluded on that trading venue. That requirement shall not apply to:1. Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall, upon request, provide trade feeds on a non-discriminatory and transparent basis, including as regards to a one-time, reasonable, cost recovery initial connectivity fee, to any CCP authorised or recognised pursuant to that Regulation that wishes to clear transactions in financial instruments that are concluded on that trading venue.

Or. en

Amendment 895

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 1 – point b

Text proposed by the CommissionAmendment
(b) exchange-traded derivatives.deleted

Or. en

Amendment 896

Regina Doherty

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 1 – point b

Text proposed by the CommissionAmendment
(b) exchange-traded derivatives.deleted

Or. en

Amendment 897

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 1 a (new)

Text proposed by the CommissionAmendment
1a. If a CCP that qualifies as significant pursuant to Article 22a of Regulation (EU) 648/2012 provides clearing services for a trading venue that grants or has granted access under this Article to another CCP that qualifies as significant pursuant to Article 22a of Regulation (EU) 648/2012 in respect of transferable securities as set out in Article 4(1)(44) of Directive (EU) No 2014/65, each of these CCPs shall, without undue delay, establish and maintain interoperable arrangements as set out in Title V of Regulation (EU) No 648/2012 with each other to the extent such interoperable arrangements are not already in place. The relevant trading venue shall take all necessary operational and technical measures to facilitate and enable such interoperable arrangements.

Or. en

Amendment 898

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 1 a (new)

Text proposed by the CommissionAmendment
1a. If any CCP provides clearing services for a trading venue that grants or has granted access to another CCP under this Article in respect of transferable securities as set out in Article 4(1)(44) of Directive (EU) No 2014/65, each of these CCPs shall, without undue delay, establish and maintain interoperable arrangements as set out in Title V of Regulation (EU) No 648/2012 with each other to the extent such interoperable arrangements are not already in place. The relevant trading venue shall take all necessary operational and technical measures to facilitate and enable such interoperable arrangements.

Or. en

Amendment 899

Irene Tinagli

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 1 a (new)

Text proposed by the CommissionAmendment
1a. Where a central counterparty provides clearing services for a trading venue that grants or has granted access to another central counterparty pursuant to paragraph 1 in respect of transferable securities as referred to in Article 4(1), point (44), of Directive 2014/65/EU, each of those central counterparties shall, without undue delay, establish and maintain interoperable arrangements in accordance with Title V of Regulation (EU) No 648/2012, unless such interoperable arrangements are already in place. The trading venue concerned shall take all necessary operational and technical measures to facilitate the establishment and maintenance of those interoperable arrangements.

Or. en

Amendment 900

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 4 – subparagraph 1

Text proposed by the CommissionAmendment
4. The trading venue may deny a request for access only where such access would affect the smooth and orderly functioning of the markets or cause systemic risk, based on a comprehensive risk assessment subject to the conditions laid down in the delegated act adopted pursuant to paragraph 6, point (a). The trading venue shall not deny a request on grounds of a possible loss of revenue in respect of itself or of another entity that belongs to the same group. In addition, it shall not restrict access to specific trade feeds on the ground that the counterparties to a specific transaction have not chosen the same CCP, where the CCPs of their choice have already entered into an interoperability arrangement pursuant to Article 51 of Regulation (EU) No 648/2012.4. The trading venue may deny a request for access where such access would affect the integrity and orderly functioning of the markets, with particular regard to liquidity fragmentation, or cause systemic risk, based on a comprehensive risk assessment subject to the conditions laid down in the delegated act adopted pursuant to paragraph 6, point (a). The trading venue shall not deny a request on grounds of a possible loss of revenue in respect of itself or of another entity that belongs to the same group. In addition, it shall not restrict access to specific trade feeds on the ground that the counterparties to a specific transaction have not chosen the same CCP, where the CCPs of their choice have already entered into an interoperability arrangement pursuant to Article 51 of Regulation (EU) No 648/2012. A trading venue shall not be required to grant access to a CCP that does not share the same competent authority. A trading venue may deny a request if the inclusion of a new CCP would significantly increase operational risk and complexity, as the presence of more CCPs in an interoperability arrangement inherently raises inter-CCP exposures and overall operational risk.

Or. en

Amendment 901

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 4 – subparagraph 1

Text proposed by the CommissionAmendment
4. The trading venue may deny a request for access only where such access would affect the smooth and orderly functioning of the markets or cause systemic risk, based on a comprehensive risk assessment subject to the conditions laid down in the delegated act adopted pursuant to paragraph 6, point (a). The trading venue shall not deny a request on grounds of a possible loss of revenue in respect of itself or of another entity that belongs to the same group. In addition, it shall not restrict access to specific trade feeds on the ground that the counterparties to a specific transaction have not chosen the same CCP, where the CCPs of their choice have already entered into an interoperability arrangement pursuant to Article 51 of Regulation (EU) No 648/2012.4. The trading venue may deny a request for access only where such access would affect the smooth and orderly functioning of the markets or cause systemic risk, based on a comprehensive risk assessment subject to the conditions laid down in the delegated act adopted pursuant to paragraph 6, point (a). The trading venue shall not deny a request on grounds of a possible loss of revenue in respect of itself or of another entity that belongs to the same group. In addition, it shall not restrict access to specific trade feeds on the ground that the counterparties to a specific transaction have not chosen the same CCP and shall grant such access in accordance with paragraph 1 of this Article, where the CCPs of their choice have already entered into an interoperability arrangement pursuant to Article 51 of Regulation (EU) No 648/2012.

Or. en

Amendment 902

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 4 – subparagraph 1

Text proposed by the CommissionAmendment
4. The trading venue may deny a request for access only where such access would affect the smooth and orderly functioning of the markets or cause systemic risk, based on a comprehensive risk assessment subject to the conditions laid down in the delegated act adopted pursuant to paragraph 6, point (a). The trading venue shall not deny a request on grounds of a possible loss of revenue in respect of itself or of another entity that belongs to the same group. In addition, it shall not restrict access to specific trade feeds on the ground that the counterparties to a specific transaction have not chosen the same CCP, where the CCPs of their choice have already entered into an interoperability arrangement pursuant to Article 51 of Regulation (EU) No 648/2012.4. The trading venue may deny a request for access only where such access would affect the smooth and orderly functioning of the markets or cause systemic risk, based on a comprehensive risk assessment subject to the conditions laid down in the delegated act adopted pursuant to paragraph 6, point (a). The trading venue shall not deny a request on grounds of a possible loss of revenue in respect of itself or of another entity that belongs to the same group. In addition, it shall not restrict access to specific trade feeds on the ground that the counterparties to a specific transaction have not chosen the same CCP and shall grant such access in accordance with paragraph 1 of this Article.

Or. en

Amendment 903

Regina Doherty

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 4 – subparagraph 1

Text proposed by the CommissionAmendment
4. The trading venue may deny a request for access only where such access would affect the smooth and orderly functioning of the markets or cause systemic risk, based on a comprehensive risk assessment subject to the conditions laid down in the delegated act adopted pursuant to paragraph 6, point (a). The trading venue shall not deny a request on grounds of a possible loss of revenue in respect of itself or of another entity that belongs to the same group. In addition, it shall not restrict access to specific trade feeds on the ground that the counterparties to a specific transaction have not chosen the same CCP, where the CCPs of their choice have already entered into an interoperability arrangement pursuant to Article 51 of Regulation (EU) No 648/2012.4. The trading venue may deny a request for access only where such access would affect the smooth and orderly functioning of the markets or cause systemic risk, based on a comprehensive risk assessment subject to the conditions laid down in the delegated act adopted pursuant to paragraph 6, point (a). The trading venue shall not deny a request on grounds of a possible loss of revenue in respect of itself or of another entity that belongs to the same group. In addition, it shall not restrict access to specific trade feeds on the ground that the counterparties to a specific transaction have not chosen the same CCP and shall grant such access in accordance with paragraph 1 of this Article.

Or. en

Amendment 904

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 4 – subparagraph 1

Text proposed by the CommissionAmendment
4. The trading venue may deny a request for access only where such access would affect the smooth and orderly functioning of the markets or cause systemic risk, based on a comprehensive risk assessment subject to the conditions laid down in the delegated act adopted pursuant to paragraph 6, point (a). The trading venue shall not deny a request on grounds of a possible loss of revenue in respect of itself or of another entity that belongs to the same group. In addition, it shall not restrict access to specific trade feeds on the ground that the counterparties to a specific transaction have not chosen the same CCP, where the CCPs of their choice have already entered into an interoperability arrangement pursuant to Article 51 of Regulation (EU) No 648/2012.4. The trading venue may deny a request for access only where such access would affect the smooth and orderly functioning of the markets or cause systemic risk, based on a comprehensive risk assessment subject to the conditions laid down in the delegated act adopted pursuant to paragraph 6, point (a). The trading venue shall not deny a request on grounds of a possible loss of revenue in respect of itself or of another entity that belongs to the same group. In addition, it shall not restrict access to specific trade feeds on the ground that the counterparties to a specific transaction have not chosen the same CCP, and shall grant such access in accordance with paragraph 1 of this Article.

Or. en

Amendment 905

Johan Van Overtveldt, Giovanni Crosetto

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 4 – subparagraph 2

Text proposed by the CommissionAmendment
Where the trading venue fails to provide a written response to the CCP within the time limit referred to in paragraph 3, ESMA may notify the trading venue and request additional information from the trading venue. Where there is no indication that the conditions for denial of request as laid down in the delegated act adopted pursuant to paragraph 6 of are met, ESMA may issue a decision requiring that trading venue to grant access to its services within one month of the notification of the decision.Where the trading venue fails to provide a written response to the CCP within the time limit referred to in paragraph 3, ESMA may notify the trading venue and request additional information from the trading venue. Where there is no indication that the conditions for denial of request as laid down in the delegated act adopted pursuant to paragraph 6 of are met, ESMA shall issue a decision requiring that trading venue to grant access to its services within one month of the notification of the decision.

Or. en

Justification

ESMA discretion should not be permitted where there is no indication that the conditions for denial are met. In this case, ESMA must issue a decision.

Amendment 906

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 4 – subparagraph 2

Text proposed by the CommissionAmendment
Where the trading venue fails to provide a written response to the CCP within the time limit referred to in paragraph 3, ESMA may notify the trading venue and request additional information from the trading venue. Where there is no indication that the conditions for denial of request as laid down in the delegated act adopted pursuant to paragraph 6 of are met, ESMA may issue a decision requiring that trading venue to grant access to its services within one month of the notification of the decision.Where the trading venue fails to provide a written response to the CCP within the time limit referred to in paragraph 3, ESMA may notify the trading venue and request additional information from the trading venue. Where there is no indication that the conditions for denial of request as laid down in the delegated act adopted pursuant to paragraph 6 of are met, ESMA shall issue a decision requiring that trading venue to grant access to its services within one month of the notification of the decision.

Or. en

Amendment 907

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 4 – subparagraph 2

Text proposed by the CommissionAmendment
Where the trading venue fails to provide a written response to the CCP within the time limit referred to in paragraph 3, ESMA may notify the trading venue and request additional information from the trading venue. Where there is no indication that the conditions for denial of request as laid down in the delegated act adopted pursuant to paragraph 6 of are met, ESMA may issue a decision requiring that trading venue to grant access to its services within one month of the notification of the decision.Where the trading venue fails to provide a written response to the CCP within the time limit referred to in paragraph 3, ESMA may notify the trading venue and request additional information from the trading venue. Where there is no indication that the conditions for denial of request as laid down in the delegated act adopted pursuant to paragraph 6 of are met, ESMA shall issue a decision requiring that trading venue to grant access to its services within one month of the notification of the decision.

Or. en

Amendment 908

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 6 – point b

Text proposed by the CommissionAmendment
(b) the conditions under which access shall be granted by a CCP under Article 35, including the non-discriminatory and transparent basis as regards initial connectivity and access fees, clearing fees, collateral requirements and operational requirements regarding margining, and the conditions under which access shall be granted by a trading venue under this Article, including the non-discriminatory and transparent basis as regards initial connectivity and access fees;(b) the conditions under which access shall be granted by a CCP under Article 35, including the non-discriminatory and transparent basis as regards the one-time, reasonable, cost recovery initial connectivity fee, clearing fees, collateral requirements and operational requirements regarding margining, and the conditions under which access shall be granted by a trading venue under this Article, including the non-discriminatory and transparent basis as regards the one-time, reasonable, cost recovery initial connectivity fee;

Or. en

Amendment 909

Johan Van Overtveldt, Giovanni Crosetto

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 6 – point b

Text proposed by the CommissionAmendment
(b) the conditions under which access shall be granted by a CCP under Article 35, including the non-discriminatory and transparent basis as regards initial connectivity and access fees, clearing fees, collateral requirements and operational requirements regarding margining, and the conditions under which access shall be granted by a trading venue under this Article, including the non-discriminatory and transparent basis as regards initial connectivity and access fees;(b) the conditions under which access shall be granted by a CCP under Article 35, including the non-discriminatory and transparent basis as regards the one-time, reasonable, cost recovery initial connectivity fee, clearing fees, collateral requirements and operational requirements regarding margining, and the conditions under which access shall be granted by a trading venue under this Article, including the non-discriminatory and transparent basis as regards the initial connectivity fee;

Or. en

Justification

Access fees can be a barrier to open access, in particular if fees are ongoing. Trading venues and CCPs should only be permitted to charge a one-time, reasonable, cost recovery initial connectivity fee.

Amendment 910

Fernando Navarrete Rojas, Isabel Benjumea Benjumea

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 6 – point d

Text proposed by the CommissionAmendment
(d) parameters for initial connectivity and access fees to ensure that such fees do not directly or indirectly prevent effective access to trading feeds, in accordance with this Article, or effective access to CCPs, in accordance with Article 35.;deleted

Or. en

Amendment 911

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 6 – point d

Text proposed by the CommissionAmendment
(d) parameters for initial connectivity and access fees to ensure that such fees do not directly or indirectly prevent effective access to trading feeds, in accordance with this Article, or effective access to CCPs, in accordance with Article 35.;deleted

Or. en

Amendment 912

Johan Van Overtveldt, Giovanni Crosetto

Proposal for a regulation

Article 3 – paragraph 1 – point 27

Regulation (EU) No 600/2014

Article 36 – paragraph 6 – point d

Text proposed by the CommissionAmendment
(d) parameters for initial connectivity and access fees to ensure that such fees do not directly or indirectly prevent effective access to trading feeds, in accordance with this Article, or effective access to CCPs, in accordance with Article 35.;(d) parameters for initial connectivity fee to ensure that such fee does not directly or indirectly prevent effective access to trading feeds, in accordance with this Article, or effective access to CCPs, in accordance with Article 35.;

Or. en

Amendment 913

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 30

Regulation (EU) No 600/2014

Article 38fa – title

Text proposed by the CommissionAmendment
Scope of ESMA supervision for significant trading venues and PEMOsESMA supervision of trading venues and PEMOs
(This amendment applies throughout the text)

Or. en

Justification

Supervision of all trading venues would be transferred to ESMA.

Amendment 914

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 30

Regulation (EU) No 600/2014

Article 38fa – paragraph 1 – subparagraph 1 – point b

Text proposed by the CommissionAmendment
(b) market operators that operate at least one significant trading venue or that are part of the same group of a CSD or CCP for which ESMA is the competent authority pursuant to Regulation (EU) No 909/2014 or Regulation (EU) No 648/2012;(b) market operators or investment firms that operate a trading venue

Or. en

Amendment 915

Jaroslav Knot, Auke Zijlstra, Enikő Győri, Pierre Pimpie, Tomáš Kubín

Proposal for a regulation

Article 3 – paragraph 1 – point 30

Regulation (EU) No 600/2014

Article 38fa – paragraph 1 – subparagraph 1 – point b

Text proposed by the CommissionAmendment
(b) market operators that operate at least one significant trading venue or that are part of the same group of a CSD or CCP for which ESMA is the competent authority pursuant to Regulation (EU) No 909/2014 or Regulation (EU) No 648/2012;(b) market operators that operate at least one significant trading venue;

Or. en

Amendment 916

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 30

Regulation (EU) No 600/2014

Article 38fa – paragraph 1 – subparagraph 1 – point c

Text proposed by the CommissionAmendment
(c) investment firms that operate at least one significant trading venue or that are part of the same group of a CSD or CCP for which ESMA is the competent authority pursuant to Regulation (EU) No 909/2014 or Regulation (EU) No 648/2012 with respect to the operation of MTFs or OTFs.deleted

Or. en

Amendment 917

Jaroslav Knot, Auke Zijlstra, Enikő Győri, Pierre Pimpie, Tomáš Kubín

Proposal for a regulation

Article 3 – paragraph 1 – point 30

Regulation (EU) No 600/2014

Article 38fa – paragraph 1 – subparagraph 1 – point c

Text proposed by the CommissionAmendment
(c) investment firms that operate at least one significant trading venue or that are part of the same group of a CSD or CCP for which ESMA is the competent authority pursuant to Regulation (EU) No 909/2014 or Regulation (EU) No 648/2012 with respect to the operation of MTFs or OTFs.(c) investment firms that operate at least one significant trading venue.

Or. en

Amendment 918

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 30

Regulation (EU) No 600/2014

Article 38fa – paragraph 1 – subparagraphs 2 to 5

Text proposed by the CommissionAmendment
A trading venue shall be considered significant where all of the following conditions are met:deleted
(a) the trading venue is important for the economy of the Union as referred to in Article 38fb(1); and
(b) the trading venue has a significant cross-border dimension as referred to Article 38fb(2).
Where ESMA is the competent authority for a PEMO, a market operator or an investment firm pursuant to the first subparagraph, ESMA shall also be the competent authority for all trading venues operated by those entities.
Where ESMA is the competent authority pursuant to the first subparagraph for an investment firm or a market operator operating a significant trading venue, and where that investment firm or market operator belongs to a group that comprises other trading venues, ESMA shall be the competent authority for all trading venues, as well as for market operators or investment firms operating those trading venues, that are part of the group of that investment firm or that market operator operating a significant trading venue.
ESMA shall be empowered with the supervisory, investigatory and enforcement powers necessary for the exercise of its functions over the entities referred to in this paragraph to be exercised in accordance with Regulation (EU) No 1095/2010.

Or. en

Amendment 919

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq

Proposal for a regulation

Article 3 – paragraph 1 – point 30

Regulation (EU) No 600/2014

Article 38fa – paragraph 1 – subparagraph 2 – introductory part

Text proposed by the CommissionAmendment
A trading venue shall be considered significant where all of the following conditions are met:A trading venue shall be considered significant where one of the following conditions are met:

Or. en

Amendment 920

Jaroslav Knot, Auke Zijlstra, Enikő Győri, Pierre Pimpie, Tomáš Kubín

Proposal for a regulation

Article 3 – paragraph 1 – point 30

Regulation (EU) No 600/2014

Article 38fa – paragraph 1 – subparagraph 3

Text proposed by the CommissionAmendment
Where ESMA is the competent authority for a PEMO, a market operator or an investment firm pursuant to the first subparagraph, ESMA shall also be the competent authority for all trading venues operated by those entities.Where ESMA is the competent authority for a PEMO, ESMA shall also be the competent authority for all trading venues operated by those entities.

Or. en

Amendment 921

Jaroslav Knot, Auke Zijlstra, Enikő Győri, Pierre Pimpie, Tomáš Kubín

Proposal for a regulation

Article 3 – paragraph 1 – point 30

Regulation (EU) No 600/2014

Article 38fa – paragraph 1 – subparagraph 4

Text proposed by the CommissionAmendment
Where ESMA is the competent authority pursuant to the first subparagraph for an investment firm or a market operator operating a significant trading venue, and where that investment firm or market operator belongs to a group that comprises other trading venues, ESMA shall be the competent authority for all trading venues, as well as for market operators or investment firms operating those trading venues, that are part of the group of that investment firm or that market operator operating a significant trading venue.ESMA shall be the competent authority for all trading venues, as well as for market operators or investment firms operating those trading venues, that are part of the group of that investment firm or that market operator operating a significant trading venue.

Or. en

Amendment 922

Gaetano Pedulla'

Proposal for a regulation

Article 3 – paragraph 1 – point 30

Regulation (EU) No 600/2014

Article 38fa – paragraph 1 a (new)

Text proposed by the CommissionAmendment
1a. ESMA shall conduct its duties in close cooperation with national surveillance authorities as defined in Article 2(1), point (18a).

Or. en

Amendment 923

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 30

Regulation (EU) No 600/2014

Article 38fa – paragraph 2 – subparagraph 1

Text proposed by the CommissionAmendment
2. By way of derogation from paragraph 1, national surveillance authorities as defined in Article 2(1), point (18a), shall be responsible for monitoring compliance with Articles 2g(5), fourth subparagraph, Article 2k(1) and (2), Article 2u(7), Article 2v(1) and (2), Article 25(2), Article 26(5), Article 26(7), first and last subparagraph, and Article 34b by entities subject to ESMA supervision.2. By way of derogation from paragraph 1 national surveillance authorities as defined in Article 2(1), point (18a), shall be responsible for monitoring compliance with Articles 2g(5), fourth subparagraph, Article 2k(1) and (2), Article 2u(7), Article 2v(1) and (2), Article 25(2), Article 26(5), Article 26(7), first and last subparagraph, and Article 34b by entities subject to ESMA supervision. ESMA shall perform the task under paragraph 1 in close cooperation with national surveillance authorities.

Or. en

Amendment 924

Gaetano Pedulla'

Proposal for a regulation

Article 3 – paragraph 1 – point 30

Regulation (EU) No 600/2014

Article 38fa – paragraph 2 – subparagraph 1

Text proposed by the CommissionAmendment
2. By way of derogation from paragraph 1, national surveillance authorities as defined in Article 2(1), point (18a), shall be responsible for monitoring compliance with Articles 2g(5), fourth subparagraph, Article 2k(1) and (2), Article 2u(7), Article 2v(1) and (2), Article 25(2), Article 26(5), Article 26(7), first and last subparagraph, and Article 34b by entities subject to ESMA supervision.2. By way of derogation from paragraph 1 and from the duties assigned to ESMA therein, national surveillance authorities as defined in Article 2(1), point (18a) shall be responsible for monitoring compliance with Articles 2g(5), fourth subparagraph, Article 2k(1) and (2), Article 2u(7), Article 2v(1) and (2), Article 25(2), Article 26(5), Article 26(7), first and last subparagraph, and Article 34b by entities subject to ESMA supervision.

Or. en

Justification

Preserving orderly trading and market integrity is key to maintaining trust in the market, which is a necessary precondition for investors’ participation. The EU regulatory framework includes extensive provisions in this regard, primarily in MiFIR and Regulation (EU) No 596/2014. Under the latter Regulation, market operators and investment firms operating trading venues play a central role as the first line of defense, alongside investment firms, and are therefore subject to the supervision of national authorities designated in accordance with that Regulation.

For this reason, national competent authorities in their role of national surveillance authorities are also entrusted with supervisory powers under MiFIR, including the receipt of transaction data, the ability to request order book data, and the power to adopt urgent measures, such as imposing temporary trading halts in emergency situations or suspending financial instruments from trading.

At the same time, market operators and investment firms operating trading venues are subject to organisational requirements under Regulation (EU) No 600/2014 that are closely linked to the obligations applicable to them under Regulation (EU) No 596/2014. These requirements would be transferred to the ESMA direct supervision, which will act as the competent authority pursuant to MiFIR. Therefore, it is necessary to ensure that national surveillance authorities are adequately involved in the supervision of these requirements in close cooperation with ESMA.

Amendment 925

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 30

Regulation (EU) No 600/2014

Article 38fa – paragraph 2 – subparagraph 1

Text proposed by the CommissionAmendment
2. By way of derogation from paragraph 1, national surveillance authorities as defined in Article 2(1), point (18a), shall be responsible for monitoring compliance with Articles 2g(5), fourth subparagraph, Article 2k(1) and (2), Article 2u(7), Article 2v(1) and (2), Article 25(2), Article 26(5), Article 26(7), first and last subparagraph, and Article 34b by entities subject to ESMA supervision.2. By way of derogation from paragraph 1, national surveillance authorities as defined in Article 2(1), point (18a), shall receive information under Articles 2g(5), fourth subparagraph, Article 2k(1) and (2), Article 2u(7), Article 2v(1) and (2), Article 25(2), Article 26(5), Article 26(7), first and last subparagraph, and Article 34b by entities subject to ESMA supervision.

Or. en

Amendment 926

Gaetano Pedulla'

Proposal for a regulation

Article 3 – paragraph 1 – point 30

Regulation (EU) No 600/2014

Article 38fa – paragraph 2 a (new)

Text proposed by the CommissionAmendment
2a. No earlier than 48 months after the date on which ESMA assumes supervisory competence for the first significant trading venue pursuant to paragraph 1, ESMA shall submit a report to the Commission on the functioning of the cooperation arrangements between ESMA and national surveillance authorities.

Or. en

Justification

Considering the importance of preserving market integrity, and the need to establish smooth and effective forms of cooperation between ESMA and national authorities, after a first period of application of the new supervisory setup, ESMA shall submit a report to the Commission on the functioning of the cooperation arrangements with national surveillance authorities.

Amendment 927

Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 30

Regulation (EU) No 600/2014

Article 38fa – paragraph 2 a (new)

Text proposed by the CommissionAmendment
2a. ESMA shall submit a report to the Commission on the functioning of the cooperation arrangements between ESMA and national surveillance authorities 48 months after the date on which ESMA will start exercising its supervisory task with respect to a significant trading venue pursuant to paragraph 1.

Or. en

Amendment 928

Marco Falcone

Proposal for a regulation

Article 3 – paragraph 1 – point 30

Regulation (EU) No 600/2014

Article 38fa – paragraph 2 a (new)

Text proposed by the CommissionAmendment
2a. By way of derogation of the paragraph 1, ESMA shall not be the competent authority for operators of wholesale government bond markets.
(This amendment applies throughout the text. Adopting it will necessitate corresponding changes throughout.)

Or. en

Justification

The amendment clarifies that operators of the wholesale government bond markets should remain within the competence of national authorities.

Amendment 929

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 31

Regulation (EU) No 600/2014

Article 38fb

Text proposed by the CommissionAmendment
[...]deleted

Or. en

Justification

This article is not needed anymore as ESMA is entrusted with the supervision of all trading venues

Amendment 930

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq

Proposal for a regulation

Article 3 – paragraph 1 – point 31

Regulation (EU) No 600/2014

Article 38 fb – paragraph 1 – introductory part

Text proposed by the CommissionAmendment
1. For the purposes of Article 38fa(1), a trading venue shall be considered important for the economy of the Union where the ratio between the trading volume on that trading venue or, where the trading venue is part of a group, the aggregated trading volume at group level, and the total trading volume on trading venues in the Union is equal to or greater than 5 % for any of the following classes of financial instruments:1. For the purposes of Article 38fa(1), a trading venue shall be considered important for the economy of the Union where the ratio between the trading volume on that trading venue or, where the trading venue is part of a group, the aggregated trading volume at group level, and the total trading volume on trading venues in the Union is equal to or greater than 3 % for any of the following classes of financial instruments:

Or. en

Amendment 931

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq

Proposal for a regulation

Article 3 – paragraph 1 – point 31

Regulation (EU) No 600/2014

Article 38 fb – paragraph 1 – subparagraph 1 a (new)

Text proposed by the CommissionAmendment
For the classes of financial instruments referred to in paragraph 1, point (d), traded volumes shall be computed based on number of transactions.

Or. en

Amendment 932

Jaroslav Knot, Auke Zijlstra, Enikő Győri, Pierre Pimpie, Tomáš Kubín

Proposal for a regulation

Article 3 – paragraph 1 – point 31

Regulation (EU) No 600/2014

Article 38fb – paragraph 2 – introductory part

Text proposed by the CommissionAmendment
2. For the purposes of Article 38fa(1), a trading venue shall be considered to have a significant cross-border dimension when it meets at least one of the following conditions:2. For the purposes of Article 38fa(1), a trading venue shall be considered to have a significant cross-border dimension when it meets the following condition:

Or. en

Amendment 933

Jaroslav Knot, Auke Zijlstra, Enikő Győri, Pierre Pimpie, Tomáš Kubín

Proposal for a regulation

Article 3 – paragraph 1 – point 31

Regulation (EU) No 600/2014

Article 38fb – paragraph 2 – point b

Text proposed by the CommissionAmendment
(b) for the classes of financial instruments referred to in paragraph 1, points (a), (b) and (c), the ratio between the trading volume on the trading venue in those financial instruments for which the competent authority of the most relevant market referred to in Article 26 is different from the competent authority of the trading venue, and the total trading volume in all financial instruments belonging to the same class on that trading venue is equal to or greater than 50 %;deleted

Or. en

Amendment 934

Jaroslav Knot, Auke Zijlstra, Enikő Győri, Pierre Pimpie, Tomáš Kubín

Proposal for a regulation

Article 3 – paragraph 1 – point 31

Regulation (EU) No 600/2014

Article 38fb – paragraph 2 – point c

Text proposed by the CommissionAmendment
(c) for the classes of financial instruments referred to in paragraph 1, point (d), the ratio between the number of transactions on that trading venue in those financial instruments for which at least one of the counterparties to the transaction is located in a Member State that is different from the one where the trading venue is situated or operated and the total number of transactions in all financial instruments belonging to the same class on that trading venue is equal to or greater than 50%.deleted

Or. en

Amendment 935

Jaroslav Knot, Auke Zijlstra, Enikő Győri, Pierre Pimpie, Tomáš Kubín

Proposal for a regulation

Article 3 – paragraph 1 – point 31

Regulation (EU) No 600/2014

Article 38fb – paragraph 3

Text proposed by the CommissionAmendment
3. Without prejudice to Article 38fa(1), and paragraphs 1 and 2 of this Article, a trading venue shall be considered significant where the ratio between the trading volume in any class of financial instruments, as referred to in paragraph 1 of this Article, on that trading venue or, where the trading venue is part of a group, at group level, and the total trading volume in the Union in that class of financial instruments is equal to or greater than 50 %.deleted

Or. en

Amendment 936

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 31

Regulation (EU) No 600/2014

Article 38fb – paragraph 3

Text proposed by the CommissionAmendment
3. Without prejudice to Article 38fa(1), and paragraphs 1 and 2 of this Article, a trading venue shall be considered significant where the ratio between the trading volume in any class of financial instruments, as referred to in paragraph 1 of this Article, on that trading venue or, where the trading venue is part of a group, at group level, and the total trading volume in the Union in that class of financial instruments is equal to or greater than 50 %.3. Without prejudice to Article 38fa(1), and paragraphs 1 and 2 of this Article, a trading venue shall be considered significant where the ratio between the trading volume in any class of financial instruments, as referred to in paragraph 1 of this Article, on that trading venue or, where the trading venue is part of a group, at group level, and the total trading volume on trading venues in the Union in that class of financial instruments is equal to or greater than 50 %.

Or. en

Amendment 937

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner

Proposal for a regulation

Article 3 – paragraph 1 – point 31

Regulation (EU) No 600/2014

Article 38fb – paragraph 4 – subparagraph 1

Text proposed by the CommissionAmendment
4. ESMA shall identify the trading venues that are considered significant pursuant to the methodology set out in paragraphs 1, 2 and 3. ESMA shall analyse market developments every twelve months starting from [OP: please insert date = date 24 months after the entry into force of this Regulation] to determine whether trading venues operating in the Union meet the conditions set out in paragraphs 1 and 2, or the condition set out in paragraph 3.4. ESMA shall identify the trading venues that are considered significant pursuant to the methodology set out in paragraphs 1, 2 and 3. ESMA shall analyse market developments every thirty-six months starting from [OP: please insert date the entry into force of this Regulation] to determine whether trading venues operating in the Union meet the conditions set out in paragraphs 1 and 2, or the condition set out in paragraph 3. The conditions set in paragraph 1(a) to (c), 2(b) and 3 should be verified based on aggregated traded volumes calculated over the previous three years. The conditions set in paragraph 1(d) and 2(c) should be verified based on aggregated number of transactions calculated over the previous three years. The condition set out in paragraph 2(a) should be verified at the time of assessment.

Or. en

Amendment 938

Aurore Lalucq, Evelyn Regner, Nikos Papandreou, Claire Fita

Proposal for a regulation

Article 3 – paragraph 1 – point 31

Regulation (EU) No 600/2014

Article 38fb – paragraph 4 – subparagraph 1

Text proposed by the CommissionAmendment
4. ESMA shall identify the trading venues that are considered significant pursuant to the methodology set out in paragraphs 1, 2 and 3. ESMA shall analyse market developments every twelve months starting from [OP: please insert date = date 24 months after the entry into force of this Regulation] to determine whether trading venues operating in the Union meet the conditions set out in paragraphs 1 and 2, or the condition set out in paragraph 3.4. ESMA shall identify the trading venues that are considered significant pursuant to the methodology set out in paragraphs 1, 2 and 3. ESMA shall analyse market developments every twelve months starting from [OP: please insert date = date 12 months after the entry into force of this Regulation] to determine whether trading venues operating in the Union meet the conditions set out in paragraphs 1 and 2, or the condition set out in paragraph 3.

Or. en

Amendment 939

Irene Tinagli

Proposal for a regulation

Article 3 – paragraph 1 – point 31

Regulation (EU) No 600/2014

Article 38fb – paragraph 4 – subparagraph 1

Text proposed by the CommissionAmendment
4. ESMA shall identify the trading venues that are considered significant pursuant to the methodology set out in paragraphs 1, 2 and 3. ESMA shall analyse market developments every twelve months starting from [OP: please insert date = date 24 months after the entry into force of this Regulation] to determine whether trading venues operating in the Union meet the conditions set out in paragraphs 1 and 2, or the condition set out in paragraph 3.4. ESMA shall identify the trading venues that are considered significant pursuant to the methodology set out in paragraphs 1, 2 and 3. ESMA shall analyse market developments every twelve months starting from [OP: please insert date = date six months after the entry into force of this Regulation] to determine whether trading venues operating in the Union meet the conditions set out in paragraphs 1 and 2, or the condition set out in paragraph 3.

Or. en

Amendment 940

Irene Tinagli

Proposal for a regulation

Article 3 – paragraph 1 – point 31

Regulation (EU) No 600/2014

Article 38fb – paragraph 4 – subparagraph 2

Text proposed by the CommissionAmendment
If ESMA concludes that a trading venue meets the conditions set out in paragraphs 1 and 2, or the condition set out in paragraph 3, it shall, without undue delay, notify the trading venue and its competent authority thereof. ESMA and the competent authority of a trading venue that is considered significant shall establish a supervisory transition plan to ensure a smooth and orderly transfer of competences and duties to ESMA. The effective date of the transfer of competences shall be no later than one year following the date of the notification by ESMA referred to in this paragraph, and in any event not earlier than [OP: please insert date = 2 years after entry into force of this Regulation].If ESMA concludes that a trading venue meets the conditions set out in paragraphs 1 and 2, or the condition set out in paragraph 3, it shall, without undue delay, notify the trading venue and its competent authority thereof. ESMA and the competent authority of a trading venue that is considered significant shall establish a supervisory transition plan to ensure a smooth and orderly transfer of competences and duties to ESMA. The effective date of the transfer of competences shall be no later than six months following the date of the notification by ESMA referred to in this paragraph, and in any event not earlier than [OP: please insert date = one year after entry into force of this Regulation].

Or. en

Amendment 941

Aurore Lalucq, Evelyn Regner, Nikos Papandreou, Claire Fita

Proposal for a regulation

Article 3 – paragraph 1 – point 31

Regulation (EU) No 600/2014

Article 38fb – paragraph 4 – subparagraph 2

Text proposed by the CommissionAmendment
If ESMA concludes that a trading venue meets the conditions set out in paragraphs 1 and 2, or the condition set out in paragraph 3, it shall, without undue delay, notify the trading venue and its competent authority thereof. ESMA and the competent authority of a trading venue that is considered significant shall establish a supervisory transition plan to ensure a smooth and orderly transfer of competences and duties to ESMA. The effective date of the transfer of competences shall be no later than one year following the date of the notification by ESMA referred to in this paragraph, and in any event not earlier than [OP: please insert date = 2 years after entry into force of this Regulation].If ESMA concludes that a trading venue meets the conditions set out in paragraphs 1 and 2, or the condition set out in paragraph 3, it shall, without undue delay, notify the trading venue and its competent authority thereof. ESMA and the competent authority of a trading venue that is considered significant shall establish a supervisory transition plan to ensure a smooth and orderly transfer of competences and duties to ESMA. The effective date of the transfer of competences shall be no later than one year following the date of the notification by ESMA referred to in this paragraph, and in any event not earlier than [OP: please insert date = 12 months after entry into force of this Regulation].

Or. en

Amendment 942

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner

Proposal for a regulation

Article 3 – paragraph 1 – point 31

Regulation (EU) No 600/2014

Article 38fb – paragraph 5 – subparagraph 1

Text proposed by the CommissionAmendment
5. ESMA shall verify whether the trading venues under its supervision continue to meet the conditions set out in paragraphs 1 and 2, or the condition set out in paragraph 3, every 12 months starting in the year following the first full calendar year after the date on which ESMA became the competent authority for significant trading venues.5. ESMA shall verify whether the trading venues under its supervision continue to meet the conditions set out in paragraphs 1 and 2, or the condition set out in paragraph 3, every 36 months from the date on which ESMA became the competent authority for significant trading venues. The conditions set in paragraph 1(a) to (c), 2(b) and 3 should be verified based on aggregated traded volumes calculated over the previous three years. The conditions set in paragraph 1(d) and 2(c) should be verified based on aggregated number of transactions over the previous three years. The condition set out in paragraph 2(a) should be verified at the time of assessment.

Or. en

Amendment 943

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq

Proposal for a regulation

Article 3 – paragraph 1 – point 31

Regulation (EU) No 600/2014

Article 38fb – paragraph 5 – subparagraph 2

Text proposed by the CommissionAmendment
If ESMA concludes that a significant trading venue no longer meets the conditions set out in paragraphs 1 and 2 or the condition set out in paragraph 3 over a period of three consecutive years, it shall, without undue delay, notify the trading venue and its national surveillance authority of that situation.If ESMA concludes that a significant trading venue no longer meets the conditions set out in paragraphs 1 and 2 or the condition set out in paragraph 3 it shall, without undue delay, notify the trading venue and its national surveillance authority of that situation.

Or. en

Amendment 944

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 32

Regulation (EU) No 600/2014

Article 38fd – paragraph 1 – point g a (new)

Text proposed by the CommissionAmendment
(ga) For regulatory data reporting specifically, all firms and entities subject to regulatory data reporting obligations under MiFIR, EMIR and REMIT Regulations;

Or. en

Amendment 945

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 32

Regulation (EU) No 600/2014

Article 38fd – paragraph 3 – subparagraph 1 – point c a (new)

Text proposed by the CommissionAmendment
(ca) Regulatory reporting information as laid out in MiFIR, EMIR and REMIT.

Or. en

Amendment 946

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 32

Regulation (EU) No 600/2014

Article 38fd – paragraph 5 a (new)

Text proposed by the CommissionAmendment
5a. In accordance with 3(d), the central database will also serve as a single pan-European database for regulatory data reporting that is reported under the following articles:
(a) MiFIR Article 26
(b) EMIR Article 9
(c) REMIT Article 8

Or. en

Amendment 947

Johan Van Overtveldt, Giovanni Crosetto, Francesco Ventola, Mariateresa Vivaldini, Marco Squarta, Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 36 b a (new)

Regulation (EU) No 600/2014

Article 38n – paragraph 2 a (new)

Text proposed by the CommissionAmendment
(ba) The following paragraph 2a is inserted:
2a. Where ESMA assumes direct supervisory competences over a category of entities previously supervised by national competent authorities, entities in that category shall be subject to a single supervisory fee framework in respect of the supervisory tasks transferred to ESMA. Those entities shall not be required to pay duplicative supervisory fees to both ESMA and national competent authorities in respect of the same supervisory tasks, including where national competent authority staff participate in cooperation or secondment arrangements. National competent authorities shall, within 12 months of the date on which ESMA assumes those competences, reduce their supervisory fees charged to entities in that category to reflect fully the supervisory tasks transferred to ESMA. National competent authorities shall notify ESMA of the adjusted fee schedule within 6 months of such transfer. ESMA shall publish the notified fee adjustments on its website and shall include in its annual report an assessment of whether and to what degree national competent authorities have complied with this obligation, including whether the adjusted fee schedules prevent double charging and are consistent with the principles of simplification, transparency and burden reduction for supervised entities.

Or. en

Amendment 948

Markus Ferber

Proposal for a regulation

Article 3 – paragraph 1 – point 36 – point d

Regulation (EU) No 600/2014

Article 38n – paragraph 5

Text proposed by the CommissionAmendment
5. With respect to investment firms, market operators and PEMOs under ESMA supervision, where fees or charges are levied by the national surveillance authorities for carrying out their duties provided for by this Regulation, notably in relation to market surveillance, such fees or charges shall be consistent with the overall cost relating to the performance of the functions of that authority.;5. With respect to investment firms, market operators and PEMOs under ESMA supervision, where fees or charges are levied by the national surveillance authorities for carrying out their duties provided for by this Regulation, notably in relation to market surveillance for a transitional period, such fees or charges shall be consistent with the overall cost relating to the performance of the functions of that authority. Once the transition period has expired, national surveillance authorities shall not levy supervisory fees on investment firms, market operators or PEMOs under ESMA supervision.

Or. en

Justification

Anchoring national surveillance authorities' fee-charging power to a transitional period signals that market surveillance for significant FMIs and PEMOs is intended to migrate to ESMA over time, consistent with the broader logic of single-entity, single-supervisor treatment.

Amendment 949

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 36 – point d

Regulation (EU) No 600/2014

Article 38n – paragraph 5

Text proposed by the CommissionAmendment
5. With respect to investment firms, market operators and PEMOs under ESMA supervision, where fees or charges are levied by the national surveillance authorities for carrying out their duties provided for by this Regulation, notably in relation to market surveillance, such fees or charges shall be consistent with the overall cost relating to the performance of the functions of that authority.;5. With respect to investment firms, market operators and PEMOs under ESMA supervision, where fees or charges are levied by the national surveillance authorities for carrying out their duties provided for by this Regulation, notably in relation to market surveillance, such fees or charges shall be consistent with the overall reasonable cost relating to the performance of the functions of that authority. These fees shall be subject to an EU-wide benchmarking review.;

Or. en

Amendment 950

Billy Kelleher, Stéphanie Yon-Courtin, Gilles Boyer, Ľudovít Ódor

Proposal for a regulation

Article 3 – paragraph 1 – point 39 – point a

Regulation (EU) No 600/2014

Article 52 – paragraph 14

Text proposed by the CommissionAmendment
14. By 30 June 2028, ESMA, in close cooperation with the expert stakeholder group established pursuant to Article 22b(2), shall assess the market demand for the consolidated tape for shares and ETFs, the impact of that consolidated tape on the functioning, attractiveness and international competitiveness of Union markets and firms, and whether the consolidated tape has delivered on its aim to decrease information asymmetries between market participants and to make the Union a more attractive location to invest. ESMA shall report to the Commission on the appropriateness of adding additional features to the consolidated tape. On the basis of that report, the Commission shall submit, where appropriate, a legislative proposal to the European Parliament and the Council.;14. By 30 June 2028, ESMA, in close cooperation with the expert stakeholder group established pursuant to Article 22b(2), shall assess the market demand for the consolidated tape for shares and ETFs, the impact of that consolidated tape on the functioning, attractiveness and international competitiveness of Union markets and firms, and whether the consolidated tape has delivered on its aim to decrease information asymmetries between market participants and to make the Union a more attractive location to invest. ESMA shall issue advice to the Commission on whether to extend the scope of the consolidated tape in accordance with Article 2, paragraph 1, point 36b. The advice shall take due consideration of the costs and benefits of the extended scope, its impact on market participants and investors, as well as whether the extension would contribute to the objectives of this Regulation.
On the basis of the advice referred to in subparagraph 1, the Commission shall adopt a decision on the extension of the scope of the consolidated tape in accordance with Article 2, paragraph 1, point 36b. The Commission shall adopt this decision no later than 30 days after receipt of the advice from ESMA.

Or. en

Amendment 951

Janusz Lewandowski

Proposal for a regulation

Article 3 – paragraph 1 – point 39 – point a

Regulation (EU) No 600/2014

Article 52 – paragraph 14

Text proposed by the CommissionAmendment
14. By 30 June 2028, ESMA, in close cooperation with the expert stakeholder group established pursuant to Article 22b(2), shall assess the market demand for the consolidated tape for shares and ETFs, the impact of that consolidated tape on the functioning, attractiveness and international competitiveness of Union markets and firms, and whether the consolidated tape has delivered on its aim to decrease information asymmetries between market participants and to make the Union a more attractive location to invest. ESMA shall report to the Commission on the appropriateness of adding additional features to the consolidated tape. On the basis of that report, the Commission shall submit, where appropriate, a legislative proposal to the European Parliament and the Council.;14. By 30 June 2029, ESMA, in close cooperation with the expert stakeholder group established pursuant to Article 22b(2), shall assess the market demand for the consolidated tape for shares and ETFs, the impact of that consolidated tape on the functioning, attractiveness and international competitiveness of Union markets and firms, and whether the consolidated tape has delivered on its aim to decrease information asymmetries between market participants and to make the Union a more attractive location to invest. ESMA shall report to the Commission on the appropriateness of adding additional features, such as an increased depth of the book or the deanonymisation of venue data, to the consolidated tape. On the basis of that report, the Commission shall submit, where appropriate, a legislative proposal to the European Parliament and the Council.;

Or. en

Justification

The rapporteur’s amendment proposed in draft report should be maintained. Expanding the equity consolidated tape before it becomes operational would be premature and unsupported by practical evidence. Extending the review deadline will allow ESMA to assess sufficient operational experience, while expressly including order-book depth and venue identification ensures that any future changes are based on market demand, costs and their impact on competition and market functioning

Amendment 952

Sirpa Pietikäinen

Proposal for a regulation

Article 3 – paragraph 1 – point 39 – point b a (new)

Regulation (EU) No 600/2014

Article 52 – paragraph 14 c a (new)

Text proposed by the CommissionAmendment
(ba) the following paragraph is inserted after paragraph 14c:
14ca. Three after entry into force of this Regulation, ESMA shall prepare and submit to the Commission an assessment of the contribution of trading venues, systematic internalisers and other bilateral execution methods to price formation in Union equity markets. The assessment shall consider the implications of dark and semidark trading for price efficiency, liquidity formation and market transparency, covering shares admitted to trading on Union trading venues irrespective of where the transactions are executed.

Or. en

Amendment 953

Kira Marie Peter-Hansen

on behalf of the Verts/ALE Group

Proposal for a regulation

Article 3 – paragraph 1 – point 39 – point c a (new)

Regulation (EU) No 600/2014

Article 52 – paragraph 16 a (new)

Text proposed by the CommissionAmendment
(ca) The following paragraph is added after paragraph 16:
16a. ESMA shall monitor the impact of trading venue consolidation on market concentration, access conditions, pricing practices and liquidity distribution within the Union.
Where ESMA identifies excessive concentration of liquidity, exclusive access arrangements or discriminatory pricing practices that may undermine fair competition, market integrity or financial stability, it shall report and issue recommendations to the Commission, the European Parliament and the Council.
By [OP please insert date = 3 years after entry into force of this Regulation], the Commission, in cooperation with ESMA, shall submit to the European Parliament and the Council a report on the evolution of the market structure and its impact on liquidity concentration. The report shall, where appropriate, be accompanied by legislative proposals.

Or. en

Amendment 954

Jussi Saramo

Proposal for a regulation

Article 4 – paragraph 1 – point -1 (new)

Regulation (EU) No 909/2014

Article 1 – paragraph 3 a (new)

Text proposed by the CommissionAmendment
(-1) in Article 1, the following paragraph is inserted:
‘3a. This Regulation is without prejudice to the responsibility of Member States for essential State functions in relation to public security, defence and national security, in accordance with Union law.;

Or. en

Justification

The amendment clarifies the coexistence of national preparedness frameworks and CSDR.

Amendment 955

Sirpa Pietikäinen

Proposal for a regulation

Article 4 – paragraph 1 – point -1 (new)

Regulation (EU) No 909/2014

Article 1 – paragraph 3 a (new)

Text proposed by the CommissionAmendment
(-1) in Article 1, the following paragraph is inserted:
3a. This Regulation is without prejudice to the responsibility of Member States’ regarding essential State functions concerning public security, defence and national security in accordance with Union law.

Or. en

Amendment 956

Katri Kulmuni

Proposal for a regulation

Article 4 – paragraph 1 – point - 1 (new)

Regulation (EU) No 909/2014

Article 1 – paragraph 3 a (new)

Text proposed by the CommissionAmendment
(-1) in Article 1, the following paragraph is inserted:
3a. This Regulation is without prejudice to the responsibility of Member States regarding essential State functions concerning public security, defence and national security in accordance with Union law.

Or. en

Amendment 957

Eero Heinäluoma, Francisco Assis, Jonás Fernández, César Luena, Evelyn Regner, Aurore Lalucq

Proposal for a regulation

Article 4 – paragraph 1 – point - 1 (new)

Regulation (EU) No 909/2014

Article 1 – paragraph 3 a (new)

Text proposed by the CommissionAmendment
(-1) in Article 1, the following paragraph is inserted:
3a. This Regulation is without prejudice to the responsibility of Member States regarding essential State functions concerning public security, defence and national security in accordance with Union law.

Or. en

Amendment 958

Johan Van Overtveldt, Giovanni Crosetto

Proposal for a regulation

Article 4 – paragraph 1 – point 1

Regulation (EU) No 909/2014

Article 1 – paragraph 4

Text proposed by the CommissionAmendment
4. Articles 10 to 20, 22 to 24a and 27, Article 28(6), Article 30(4) and Articles 46 and 47, Article 48(2), (2a) and (2b), and Article 48b, the provisions of Title IV and the requirements to report to competent authorities or relevant authorities or to comply with their orders under this Regulation, do not apply to the members of the ESCB, other Member States’ national bodies performing similar functions, or to other public bodies charged with or intervening in the management of public debt in the Union in relation to any CSD which the aforementioned bodies directly manage under the responsibility of the same management body, which has access to the funds of those bodies and which is not a separate entity.;4. Articles 10 to 20, 22 to 24a and 27, Article 28(6), Article 30(4) and Articles 46 and 47, Article 48(2), (2a) and (2b), Article 48a(2) and (3) and Article 48b, the provisions of Title IV and the requirements to report to competent authorities or relevant authorities or to comply with their orders under this Regulation, do not apply to the members of the ESCB, other Member States’ national bodies performing similar functions, or to other public bodies charged with or intervening in the management of public debt in the Union in relation to any CSD which the aforementioned bodies directly manage under the responsibility of the same management body, which has access to the funds of those bodies and which is not a separate entity.;

Or. en

Justification

Although CSDs operated by central banks should be part of the hub-and-spoke model to ensure that financial instruments issued with such CSDs are available throughout the Union, they should not be subject to requirements to establish links as investor CSDs.